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USD/JPY edges higher as Nikkei advances to 40k
The noted leading gains in the Nikkei 225 today has helped to push the USD/JPY higher so far this morning. That move towards 156.75 was already underway yesterday and in real terms the move closer to the 157 handle today has not actually gained that much, given the rise in the Nikkei. The USD/JPY had closed in the US last night at 156.53. US treasury yields are also a little higher this morning, so given that and the rise in the Nikkei (40,032 the high today), the USD/JPY probably should have done better. However, we know what it has not and that is all due to the prospect; that the BOJ may raise interest rates in less than 24 hours from now. The range seen so far today has been covered by 156.29 to 156.75. The USD/JPY is currently trading at 156.60
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