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The BoJ are the central bank doing the most to weaken their currency, in the hope they get inflation. Usually, I am looking for the yen to weaken against the majors like the US dollar, pound and euro, but its safe-haven qualities are attracting positive flows today. I don’t think these move last based on my understanding of monetary policy but the aggressive rhetoric coming out of Russia is clearly a worry as is rising energy prices and inflationary pressures.
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