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The yen may advance to 100 against the dollar by the year’s end as investors conclude that Japan is still failing to sustain inflation gains five years after Abenomics was introduced, according to HSBC Holdings PLC.

HSBC, which holds the most bullish call on the currency among analysts surveyed by Bloomberg, also expects the benchmark Treasury yield to fall to 1.9 percent, which will support the yen as Japanese funds cut back purchases, according to David Bloom, the global head of FX strategy in London.

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