Japan PM Ishiba:

• Japan is not pursuing a so-called currency devaluation policy
• Have had no phone call from Trump regarding FX policy

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ICYMI over the past decade or so, Japanese authorities say super-loose monetary policy is in order to combat deflation and low inflation, the weak yen is just a side effect. Indeed, Japan has explained this time and again tothier G7 partners and none of them have publicly disagreed, including the US.

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USD/JPY update:

This article was written by Eamonn Sheridan at www.forexlive.com.