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Fed's strategy shift to bind big central banks from Frankfurt to Tokyo

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By Balazs Koranyi and Leika Kihara

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Japan is complaining about a trend it started. If you've got a negative interest policy, you have no right to complain about the looseness of a policy of a trading partner whose key rate is still positive.

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Japan will always intervene to stabilize the yen between 100 and 110. The Japanese Government needs Americans to buy its goods. So the dollar may sag against other currencies but is unlikely to move much in the Tokyo FX trade.

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