As the yen slid past ?145 to the dollar with barely a murmur from Japanese policymakers in recent days, suspicion grew that they won¡¯t be as quick to order intervention as they were last year as they now reap some benefits from a weaker currency.
Surging exports helped economic growth hit 6% on an annualized basis in the second quarter, and lower global oil prices have helped keep a lid on the import bill.
But a key factor behind the yen¡¯s weakness is unchanged ¡ª namely the yawning yield gap with the United States.
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