I don't think the rally in the yen has run its course. What we are seeing today is nothing more than position adjustment. |
If you think about what has changed in the market from last year, the new factor is the possibility that Japanese rates may start to rise, so there's more room for the yen to appreciate. |
The G-7 statement that pressed on Asian countries to allow their currencies to strengthen is still powerfully propelling the yen. The yen looks strong. |