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We are one week out from Japan’s financial year-end. An often-asked question is whether there is any seasonality in USD/JPY running into FY-end. The theory goes that Japanese companies may repatriate foreign earnings to dress up their balance sheets for the FY.

• As we had expected, the EURGBP spike in January—which was sparked by UK-idiosyncratic risks—has reversed, and we expect the pair to edge lower over the year toward 0.82.









