We also judge that the dollar is vulnerable from a structural perspective. External imbalances in the U.S. are not a key market focus at the moment, but this could change on signs of weakening flow support.
When you have risk aversion in Japan, the normal day-to-day outflows that happen in a normal market environment slow down.
Japanese interest rates continue to price in tightening from the Bank of Japan. We think it's a bit premature, but the currency market is taking notice.