0123 GMT — JPY strength from BOJ policy normalization is likely to be of limited duration, says Ulrich Leuchtmann, head of forex and commodity research at Commerzbank Research, in a note. As in 2000 and 2006 when BOJ moved away from ultralow rates and didn’t sustain policy normalization after curbing inflation, the BOJ’s first rate hikes would probably stifle inflation but there’s likely to be no further normalization, Leuchtmann says.

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