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Is the yen's recent rebound driven by capital inflows rather than intervention? Norway's sovereign wealth fund may be shifting its fixed-income allocation from US Treasuries to Japanese Treasuries.

Is the yen's recent rebound driven by capital inflows rather than intervention? Norway's sovereign wealth fund may be shifting its fixed-income allocation from US Treasuries to Japanese Treasuries.

The yen is experiencing an appreciation unlike any other – this time, there is no central bank intervention, no government spending, but rather a genuine capital inflow driving it. Last week, the US dollar fell sharply against the Japanese yen, a drop comparable to the two previous official interventions, but no
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