A Closer Look at the Japanese Yen
My feeling is that it is now time for the yen to take a breather, and I have accordingly flattened out my yen exposures
I have written for some weeks about my view that the yen was set to strengthen against both the dollar and against the other major currencies. The market has finally started behaving as expected. Since November 14, the yen has strengthened more than seven yen against the dollar, with the dollar dropping sharply from 156.75 to 149.50, with nearly 90% of that move taking place in just the past week. Moves of similar size occurred in the various yen crosses.