Spotlight on Japan's yen policy

With only a few comments about the yen in recent weeks, and no intervention since March, one might think Japan has gone soft on FX policy. We believe the Ministry of Finance (MoF) has been quiet for three reasons. First, it has been strongly of the view that dollar/yen is in a 105–115 range. With the manufacturing sector already budgeted for a ¥106 rate for the fiscal year, downward pressure from hedging seemed less likely. Second, the economy was showing some decent upward momentum until

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