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YEN: MUFG add in a morning note that the yen remains on the defensive and is on
track to be one of the worst performing currencies so far this month and this
year. Yen weakness has accelerated this month due to the pick-up in global
yields on the back of hawkish rhetoric from the Fed and to a lesser extent the
BoE and the ECB.
- They add, underlying inflation is expected to continue to firm in the coming
months, although it still appears that the risks are tilted in favour of
inflation coming in weaker than the BoJ's forecast for the current fiscal year.
The inflation outlook should not encourage the BoJ to shift from the current
dovish policy stance.
- The main risks to the outlook for BoJ policy come from the uncertainty over
the future of Governor Kuroda whose term expires in April of next year, which
could be impacted in part by the upcoming snap election in Japan.