Yen Isn't Behaving Like a G10 Currency, Mizuho Says

Jordan Rochester, Mizuho's FICC strategy head for Europe, Middle East and Africa, said the yen's recent movements do not align with historical patterns for Group of Ten currencies. "From all the frameworks, dollar-yen should be lower," Rochester told Bloomberg Television. He cited a change in Japanese market behavior, noting that the yen's correlation to interest rates resembles that of emerging market currencies rather than developed market currencies.

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