The Japanese yen (JPY) is strengthening sharply, climbing 0.8% against the US Dollar (USD) and outperforming most G10 currencies, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
Tighter spreads fuel JPY gains
"The JPY is up an impressive 0.8% vs. the USD and outperforming nearly all of the G10 currencies on the back of a meaningful shift in the outlook for relative central bank policy. Spreads are driving JPY gains, allowing it to maintain its relative outperformance in an environment of easing geopolitical tensions."
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