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Carry traders would do well to take a second look at funding favorite the yen — as even at a 20-year low there are better sources to fund the purchase of higher-yielding currencies.

On the surface the yen looks like the perfect well for carry traders to dip into, under pressure from a Bank of Japan determined to keep local yields anchored to the floor even as interest rates around the world push higher. But despite consensus building for further losses — peers look like better funding options on certain key metrics.

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