How to play gravity-defying USD/JPY

- By FX Markets Staff
- @FXMarkets_
- 23 Oct 2006

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BACKGROUND

The USD/JPY pairing continues to defy gravity. Trades currently close at year-to-date highs – just under USD/JPY 120.

While having the lowest policy rates among the G10 currencies leaves the yen a favoured base for carry trades, other fundamentals suggest that ground under the dollar's stellar performance against the Japanese unit looks increasingly shaky.

Indeed, the Bank of Japan (BoJ) governor not ruling out another rate rise this year, a record US trade gap, Japan life insurers

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