Foreign exchange traders are increasingly optimistic about yen holdings, and this shift is first reflected in major cross-currency pairs. The rise of the yen against the euro, the Swiss franc, and the British pound is likely to spread to the USD/JPY exchange rate. The continuous emergence of actual and verbal intervention, along with the prospect that the Bank of Japan may raise interest rates, is improving the overall environment for the yen. Furthermore, the Japanese government pension investment fund GPIF may begin to send more funds back to the country to buy Japanese bonds, and this possibility is also growing hidden behind the scenes.

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