JP Morgan rewarded by yen view

JP Morgan's core short-term view on the yen has been decidedly bearish, with the bank expecting weakness against both the dollar and the euro.

"We expected a backdrop of global growth, a steady Fed and low volatility to weigh on the yen, given its status as the chief funding currency," said Frida Gjorstrup, global currency strategist at JP Morgan.

Furthermore, the consistent message from the Bank of Japan was that any rate increase would be gradual. "This served to further support [the

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