What the "hidden yen depreciation" suggested by the yen weakness restraint implies!
Since last month, after the Ministry of Finance in Japan issued warnings against yen depreciation, the USD/JPY has paused its ascent, but cross-yen pairs such as AUD/JPY, NZD/JPY, and ZAR/JPY have rallied across the board. Even if the USD/JPY rise stalls, the market speculates on the future of the “hidden yen depreciation” regime where cross-yen pairs continue to rise.
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