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Senior Fellow @BrookingsInst, previously Chief Economist @IIF and Chief FX Strategist @GoldmanSachs. Opinions are my own. Email: [email protected].

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Signs of extreme stress in global FX markets. The Yen is strengthening sharply as investors seek out safe havens. $/JPY is falling towards 100, the lowest it has been since 2016. In EM we will likely see widening cross-currency basis as investors try to hedge underlying exposure.

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