Back in August, I made the argument that I expected the Japanese yen to rise further against the U.S. dollar.
Specifically, I argued that the yen had been seeing some weakness due to profit-taking on the part of investors, and that risk-off sentiment would ultimately see the currency continue to rise.
However, this has not been the case in the past two months, and we have seen the yen weaken further against the greenback:
Source: investing.com
What is particularly surprising is that, even in an environment where central banks have been choosing to lower rates,