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Don’t be fooled by the yen’s recent resilience against the dollar — it’s dropping against the rest of its major peers at the fastest pace in six months.

Japan’s currency slumped 3.3 percent over the past four weeks against a basket of nine developed-nation counterparts even as it traded in a range of just ¥2 around 120 per dollar. It dropped the most against the pound, which was supported by the U.K. election result, and Norway’s krone, which is rising in line with oil.

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