I believe it had less to do with the perceived correlation than it does a few other factors:

1. They were coming out of decades of stagflation and specifically negative interest rates…there was fear of unknown

2. Yield curve inverted for them if I recall correctly

3. Carry trade coinciding with the timing of the decision is a bigger factor in my opinion.

All of which to say is… increased volatility.

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Thank you

You are welcome….

There are probably several other factors but that’s what I saw from my #trading and #investing the last few months around the YEN.