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Analysts at Scotiabank explained that the JPY was down overnight and was making fresh two month lows, underperforming all of the G10 currencies.

Key Quotes:

“Trade tensions are providing headline risk however the broader tone appears remarkably resilient leaving JPY unable to benefit from risk aversion.”

“The outlook for relative central bank policy remains dominant into the upcoming BoJ policy decision.”

“No changes are expected and interest rate differentials continue to widen in a JPY-negative manner.”

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