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Bank of Japan rate-hike expectations have driven a sharp yen rally, and currency positioning across Asia-Pacific sessions is now tracking the BOJ's next communication closely.
China has separately announced a 300 billion yuan ($44.7 billion) capital injection into its major banks and insurers, a direct policy signal on domestic credit conditions.
Iran has threatened new maritime restrictions in the Strait of Hormuz, a risk that energy-focused investors are now watching alongside the broader macro flow. The yen's move is the positioning story of the session.
Rate-hike expectations at the Bank of Japan have been driving the currency higher, and for traders positioned on the crowded side of dollar-yen, the question is how much of the hike cycle is now priced.
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