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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Tokyo Retail Investors Out Carry-Trading the Pros | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="Cn1ps3szg6"&gt;&lt;a href="https://www.nakedcapitalism.com/2007/06/tokyo-retail-investors-out-carry.html"&gt;Tokyo Retail Investors Out Carry-Trading the Pros&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2007/06/tokyo-retail-investors-out-carry.html/embed#?secret=Cn1ps3szg6" width="600" height="338" title="&#x201C;Tokyo Retail Investors Out Carry-Trading the Pros&#x201D; &#x2014; naked capitalism" data-secret="Cn1ps3szg6" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>A Bloomberg story tells us that Japanese retail investors are undermining the forecasts (and worse, trades) of large investment banks. The banks think the yen is seriously undervalued. Unfortunately, when it appreciates, retail investors buy more assets in countries that offer more yield, which leads them to sell yen, keeping the currency in its place. [&hellip;]</description></oembed>

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