Morning;
markets are falling and the Yen is rising.
Since the beginning of the month the Japanese Yen is up more than 5% against the U.S. dollar. The Yen is a funding currency and it is falling hard as investors bail out of risky trades. In fewer than 7 trading days, USD/JPY has fallen 700 pips and it is not because the market is optimistic on Japan's economy. In fact, Yen strength comes at significant costs for Japan because as an export dependent nation, many Japanese industries live and die b…
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