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David Bloom makes the case that the Japanese Yen is no longer trading based on Japanese events. From personal observation – I agree, the Yen has been basically an inverse proxy of risk appetite in America for the past year or so.
Full article Summary: We all know the yen carry trade – folks borrow “cheap” yen (paying unnaturally low interest rates), invest in higher yielding terrain (ie. Australian dollar) and leverage the shit out of it. This doesn’t work when the yen rises – as it is now. I had assumed that most of the carry […]
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