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MUFG analysts point out that the USDJPY pair has remained flat even as both USD and JPY have weakened.

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“There is typically more repatriation of JPY this time of year, but at this point the flows have been weak, given the shock of the JPY surge at the start of the year.”

“Though USDJPY downside is probably supported by currency hedging flows and securities investing flows, USD/JPY is unlikely to rise as investment flows pick up.”