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###POV: JPY REPATRIATION FLOWS - Since the......>

YEN
YEN: ###POV: JPY REPATRIATION FLOWS
- Since the year 2000 the JPY has gained 11 out of 17 through March on the run
up to the Japanese fiscal year-end.
- As we approach month-end markets historically have seen larger flows in JPY
currency pairs as companies close their accounts and repatriate profits back
home.
- This week alone the JPY has broadly risen over 1% against the USD, EUR, GBP,
AUD and CAD.
- Analysts estimate corporate transactions to be 11% greater than last year with
over Y1tn of funds to be repatriated. 
RISK - USDJPY should find a base once the repatriation flow has subsided.
However, amidst a backdrop of US trade fears and political uncertainty, soft TSY
yields and weaker US growth remain the biggest risk ahead of next week's FOMC.  

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