Danske banks on USD/JPY stability
The forecast was based on conflicting drivers, said Teis Knuthsen, head of foreign exchange research at Danske in Copenhagen. On one hand, there was a lack of obvious domestic support for the yen, which suggested the unit would weaken. On the other, the bank noted rising global risk aversion, which has caused JPY-based carry trades to unwind over the past month and suggests potential for the currency to appreciate. "We expected these factors to cancel each other out, leaving USD/JPY almost flat
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