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The recent move higher in the USDJPY could be attributed
to the steepening of the UST yield curve that has narrowed the yield
differentials between the US and Japan, spurring outflows in search of
higher returns. As well, the paring of speculative bets of further JPY
strength amid expected steepening of the UST yield curve (as reflected in
recent CFTC data) suggests a weaker JPY ahead ...
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