Homeward bound
Contrary to our expectations, the yen has failed to rally into the final weeks of the Japanese fiscal year-end, as it has tended to do over the past 10 years.
Although there has been some repatriation and hedging activity heading into fiscal year-end, these flows have not been large enough to stem the continued purchase of foreign equities by Japanese investors.
In addition to persistent investment outflows, we can also attribute yen sales to:
1) the unwinding of yen long positions by short-term
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