Traders braced for further yen weakness ahead of BoJ meeting


The sharp weakening of the yen in the wake of the Japanese elections in December has been the big currency move of recent weeks, and many banks are cautiously positioning themselves short yen ahead of this week's much-anticipated monetary policy meeting at the Bank of Japan (BoJ).

USD/JPY, which was trading at 84 on December 24, had risen to 89.82 by January 18, according to data from Thomson Reuters, while EUR/JPY rose from 111 to 120.85 during the same period. Although the yen has clearly been

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