Traders look to the yen

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Expected changes to Japanese monetary policy have focused currency strategists' minds on the yen. If, as forecast, the Bank of Japan (BOJ) signals the end of its five-year quantitative easing strategy this year, analysts predict the end of the lucrative yen carry trade.

The BOJ's quantitative easing strategy has seen interest rates set at zero and liquidity poured into money markets since March 2001, as part of an attempt to encourage lending and stimulate economic growth. This is now poised to

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