Of course! They need to back their currency with assets that will fall faster than the average market they trade. Think about it:
Japan's role is to host "the cheapest money" on the market to assure their position as the cheapest lender. That is why we call the yen "arbitration currency." Do YOU know that this means? It implies someone thinks the US market is going to crash soon and they are merely arranging the underlying assets to assure that this role continues...
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