JPY rally yet to reach old-age.The yen has had an impressive rally in 2016 but we think there is more to go. To start with, the rally is still young. The yen is rarely a “middle of the pack” currency, historically alternating between consistent under or outperformance versus the rest of G10 FX. So far this year the yen is the best performing DM currency, but the duration of this outperformance is well below the typical duration of strengthening episodes in the past. Once the JPY becomes a top-3 performer it has historically held this rank for an average of at least 17 months, suggesting plenty of scope for strength ... (full story)