Saxo's short-term yen view pays out
According to Johan Ditz Lemche, market strategist at Saxo Bank in Stockholm, the bank's pessimistic prediction was a result of the team not anticipating any change to historically low yen volatility.
"The yield-spread differential against most major currencies has not undergone any significant changes," said Lemche. At the same time, the bank continued to be disappointed by data coming out of Japan, and believed consumer price index (CPI) and consumer spending lacked the ability to drive any yen
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