The yen’s strengthening past 115 yen has raised concern that the rally in the Japanese currency will undermine the Bank of Japan’s efforts to revive inflation -- even after Governor Haruhiko Kuroda brought in negative deposit rates at the end of last month. The appreciation has put the yen on the verge of breaching the lower end of the so-called ichimoku cloud on a weekly chart for the first time since Shinzo Abe became prime minister in December 2012.

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