JPYINR trading range for the day is 57.11-57.48. JPY gains as the prospect of only gradual policy tightening in US sent investors piling into leveraged positions in higher yielding currencies and risky assets.
Japanese economic activity trends seemed to turn a corner in the fourth quarter of 2016, with the rate of expansion across the nonfarm sector steadily accelerating. The BOJ’s refusal to entertain tightening even against this backdrop has kept the currency firmly locked in as a funding currency.
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