The yen's rise is more fragile than the euro's ...Middle East

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BofA notes:

The yen's rally has been disproportionately driven by speculative positioningThe euro's rise has been more persistent than JPY's across daily market regimesGerman fiscal expansion is a unique euro driverStructural outflows from Japan have fallen off the market radar

They note that a currency deal between the US and Japan is a tail risk but that's something that Kato downplayed earlier today.

This article was written by Adam Button at www.forexlive.com.

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