1559 ET - The Japanese yen has pushing toward 152 per U.S. dollar. A decisive break below that level could accelerate the currency's ongoing rally, force additional short covering and reignite the yen carry trade unwind risk, LPL Financial's Adam Turnquist says in a note. Such a move would have ripple effects across U.S. Treasurys and other global assets, Turnquist says. The yen has been strengthening since the coordinated U.S.-Japan currency intervention from late July, and has found more support since then thanks to rising expectations that the Bank of Japan will hike rates, he says. Speculators are still net short on the yen, which sets up the potential for forced covering if the currency's upswing continues, Turnquist says.
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