Recent data showed that China has been a major buyer of JGBs and it looks like lots of other investors are following suit. If international investors are buying this of course will continue to put downward pressure on USD/JPY and other JPY crosses. The most recent time that I noticed China selling USD/JPY was at 92.50/75 a few weeks back so I’m sure they won’t be happy if they have to sell at 86.50 or lower. Perhaps they will join forces with the BoJ and try and drive the market higher.
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