Yen stands strong
The USD/JPY flows in the final two months of 2007 provided two contrasting signals about the future direction of the spot market.
From the beginning of November, flows seemed to warn that, despite the ongoing risk aversion in the global financial markets, fresh demand was emerging for USD/JPY. This interest came from leveraged investors and opportunistic US corporates just as the spot fell to 110 from 117 three weeks earlier. Although the spot continued to decline for another week, ultimately
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