The yen's repatriation spoof
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The yen was one of the main beneficiaries of the rise in risk aversion following the attacks on the US, and perceived repatriation flows pushed the currency even higher. But, says Mitul Kotecha, head of currency research at Credit Agricole Indosuez in London, capital flow data points to a coming downward correction
The large, though declining, current account surplus and/or large net foreign asset position currently held in Japan proved beneficial to the yen, as it contrasted sharply with the
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