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The yen continued to strengthen today, with USD/JPY falling 0.46% to ¥77.5965.
The Japanese yen has gone from strength to strength ever since the US Treasury department chastised Japan for artificially weakening the yen on two occasions after the G7 intervention. The criticism is likely to act as a disincentive for further BoJ intervention in the short term, and this view is likely to have given investors the green light to buy the safe-haven yen.