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Fundamental Evaluation Series: USD/JPY vs. 2-year yield divergence
This one pair has been at odds with yield divergence throughout early 2016 as the yen benefited from risk aversion and due to market participants’ doubts on BoJ’s abilities to ease policies further.
Since our last evaluation in July, both the spread and the exchanged rate have changed a by small amount. The spread narrowed by 6 basis points in favor of the yen and the yen has strengthened by 100 pips against the dollar. The spread is currently at 145 basis points (US-Japan) and the yen is at 109.9 per dollar.
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