You have previously written that inflation is coming back and will drive the USD higher. I’ve got a couple questions on the implication of that turn of events on the exchange rates between the US dollar and yen and the Chinese yuan as it affects the US dollar yen exchange rate:

- What about competing effect of highest rates on JGBs in a long time and resulting repatriation of yen? Which increase prevails in the USD:Yen exchange rate, in the longer run?

- [ ] Then throw in yuan, Chinese deflation, and threat of yuan devaluation? How does that impact the USD:Yen exchange rate, if at all?