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Analysts at Scotiabank noted the performance in the yen.

Key Quotes:

“Narrowing interest rate differentials are offering support and the 10Y U.S.-Japan yield spread is threatening 275bpts at levels last observed at the height of Italy’s turmoil from late May.  

Speculative JPY bears remain vulnerable as Friday’s CFTC data revealed a fourth consecutive week of short covering. Near-term domestic risk is limited ahead of Friday’s CPI release.”