Intervention time: what next for the yen and the renminbi?

China has stepped up its support of the renminbi and Japan appears to be edging closer to direct intervention to prop up the yen. While pressure from higher US interest rates may well continue in the short term, we think that both currencies will rebound over the second half of the year.

In view of the wider interest we are also sending this FX Markets Update to clients of our China and Japan Economics services.

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