After a strong run during the first half of 2019, the JPY/USD started to decline in the latter half of the year:
Source: investing.com
While 2019 was marked by fears that factors such as Brexit and the US-China trade war could lead to a slowdown in global economic activity, this does not appear to have materialized.
For instance, we see that the S&P 500 has continued to ascend, indicating a flourishing appetite for risk among market participants:
Source: investing.com
Meanwhile, the US dollar continues to remain strong – dampening the appeal of traditional “risk-off” currencies,