The yen – a conflict of interests
MARKET VOICE
Predicting the movements of the yen can be compared to the black arts, at least if you look at the way in which the currency has traded against the majors since the Japanese economy bottomed out in late 2001.
Indeed, now is a good time to re-examine exactly what drives the yen. It would appear that higher interest rates (the first hike in the overnight call rate since July 2000) and a sustained rebound in the Japanese economy since mid-2002 (average growth in Japan has been around 2.5% per annum
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