There's a tendency for the yen to strengthen because it's rated highly, but I don't think that accurately reflects Japan's economic performance. - Yoshihiko Noda
Despite the US stock market hitting all-time highs almost daily, the proverbial direct correlation with the USDJPY seems to have disappeared. A closer look at where the yen started 2019 reveals ranging conditions for one of the most popular currency pairs among investors.
The explanation for the correlation between the two markets comes from the low-interest rate level in Japan. Investors borrow in JPY and buy USD to pay for