RHB | JAPAN | Rolling the Dice on the USD/JPY…

Economic Research	18 April 2016
JAPAN
Economic Highlights
Rolling the Dice on the USD/JPY… The recent slide in the USD/JPY to under 110.00, despite continued expectations of monetary easing by the Bank of Japan, has clearly been eye-catching. While the extent of the decline in the USD/JPY of roughly 10% since the end of last year has been unusual, it is not  unprecedented. The current path in the USD/JPY has been reasonably correlated with the 1993 episode so far, notwithstanding a period of active foreign exchange intervention to weaken the JPY from April through early September 1993. Economist:  Thomas Lam  | +65 6533 0389
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