JPY’s Long, Slow Death
The forces that are actually behind JPY’s peculiar, "orderly" sell-off, broader market spillover, potential levels for next yentervention
► Domestics: Japan Inc boycotting repatriation, JPY refugees flood NISA accounts into US equities, Japan retail forex
► Brent crude futures and systematic flows have been at the epicenter of USDJPY, as well as cross-asset market moves (gold, rates, equities)
► Next potential yentervention levels are at USDJPY 158, and USDJPY < 164, and why
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