Yen makes dash across ¥153, raising possibility that trend has turned - The Japan Times — SkimNews
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- Yen surged past ¥153 against the dollar to its strongest level in seven months, a level not seen since the prior rally
- The dollar broadly weakened ahead of the U.S. CPI data release, with the yen's surge rattling investors who had bet on cheap-yen carry trades
Why it matters: A sharp yen appreciation hits investors who borrowed in low-yielding yen to buy higher-yielding assets — Reuters notes the surge 'upset the carry trade faithful.' With the yen at a seven-month high, leveraged carry positions face the risk of forced unwinding, amplifying the dollar's slide.
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