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FX Focus

JPY outlook following record intervention – Rebound or a turn?

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JPY outlook following record intervention – Rebound or a turn?

  • Japan-US FX Intervention the first since 2011

  • What US gets in return

  • US intervention limits

  • BoJ policy - more to do

  • Flows - repatriation

  • Flows - retail

  • A turn in USD/JPY but fundamentals remain key

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