Here's your summary from Deutsche Bank's Puri: Limited Appreciation Potential For Yen (https://www.youtube.com/watch?v=QfzzkIoR60U) on the Bloomberg Television channel:
### TLDR:
Limited appreciation potential for the yen due to strong US macro data and dollar strength, with implications for Japan's intervention in the currency market.
### Key Points:
1. Dollar strength driven by robust US macro data, reducing likelihood of rate cuts in the near future.
2. Japan's weaker inflation forces and lack of consumption growth compared to the US impacting yen's weakness.
3. Potential implications of Japan selling its holdings in Treasuries to fund intervention in the yen, amidst other players buying US dollar Treasuries.
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