Is yen decoupling from oil?

Despite the price of oil rising by over $4 per barrel in the past fortnight, the yen has gained almost 2% against the greenback since close on August 13. Prior to that dollar/yen had borne a particularly close relationship with oil (70% correlation since mid-March) by way of the negative impact of the latter's rise on Japanese stocks.

Indeed, the yen's modest gains have once again flown in the face of another surge in the price of oil, which is heading towards $50 per barrel. Such has been the

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