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Andre De Silva
Bloomberg MLIV macro strategist
First call on the ledger
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Even as two governments buy yen, the macro (oil inflation, differentials) works against it.
macro backdrop is not getting more favorable for the yen. It's actually going against the yen.
Intervention slows the bleed rather than turning the trend.
So I think against this big backdrop of a macro perspective, the FX policy strategy maybe is more about so slowing the pace of yen depreciation rather than really seeking to turn it around with directional perspective.
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