Yen Stays Strong to Defy Negative Rates, Fed Hike Chances: Chart

Bank of Japan Governor Haruhiko Kuroda suggested the yen should weaken under his negative interest-rate policy but that’s not happening -- not even in the face of expectations for U.S. policy tightening. Kuroda’s move has driven a slump in Japanese shares on concern banks will suffer in a world where lenders pay borrowers -- and thanks to the “enduring strong correlation” between the markets, the yen is ignoring the Fed, says Ray Attrill, National Australia Bank Ltd.’s Sydney-based co-head of currency strategy.

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