JPY to Continue Grind against USD on Policy Convergence, Reduced Capital Outflow and Current Account Surplus

<p>Japanese yen gained +5% against US dollar last year. The strength was only modest, compared with about +9% gains of AUD, EUR and CHF. Notwithstanding the lackluster improvement in Japan’s inflation outlook and exhaustion of BOJ’s stimulus, we expect Japanese yen to extend its modest gain against the greenback in 2021, for a third consecutive […]</p>
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