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Although the decision by the Bank of Japan to take interest rates into negative territory was undoubtedly not an easy one to make, the actual results are far from what was intended.
Despite the need to keep the currency weak to stoke inflation, the central bank has been unable to effectively drive the yen higher as evidenced by the recent slide in the EUR/JPY pair. While part of the difficulty can be attributed to the most recent monetary policy adjustment undertaken by the European Central Bank, a multitude of factors continue to add to the yen’s recent strength.
As the global outlook ... (read more)