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KRWJPY is looking toppy following........>

KOREAN WON
KOREAN WON: KRWJPY is looking toppy following yesterday's hold below 10.20, with
the pair last at 10.137 just ahead of yesterday's lows. 
- A number of factors are pointing towards a large downside move in the cross,
not least the ongoing weakness in global equities. While correlations between
KRWJPY and stocks is much weaker than it has been in the past, the recent
decline in stocks is still a headwind for the pair. 
- Another headwind is the resumption of the decline in Korea-Japan real yield
spreads, thanks largely to the winding back of rate hike expectations in Korea.
The historical correlation suggests KRWJPY should be trading as much as 10%
below current levels. 

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