Yen set for further falls in the year ahead


Shinzo Abe's first year as Japan's prime minister could well be characterised by the significantly weaker USD/JPY, which has – by benefiting stock markets and corporate profits – allowed the economy to improve faster than expected.

This depreciation was largely due to lower real interest rates and higher inflation expectations in Japan, both of which are likely to continue for the foreseeable future.

The nominal 10-year bond yield, for instance, has stayed below 1% since the Bank of Japan (BoJ)

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