Japan's retail investors: A piece in the yen puzzle

yen

Given the high level of private savings, Japanese retail investors' foreign currency investments are a force to be reckoned with when it comes to movement in yen crosses - although in practice the situation is opaque.

Only the purchases and redemptions of Uridashi bonds seem to influence the medium-term trend in several of the yen crosses and ongoing high redemption in Uridashi bonds in the months to come argues against significant yen depreciation. Only once monetary policy spreads start to

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