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The Japanese Yen embarked on a comeback against the US Dollar during the fourth quarter of 2022. By mid-December, USD/JPY was down about 6.5%, marking the worst 3-month period since April 2016.
The highest inflation in 40 years triggered the Federal Reserve to embark on aggressive tightening, raising interest rates to cool inflation. That came at the cost of equities.
The US Dollar weakened against the Chinese Yuan in the fourth quarter of 2022, with USD/CNH falling about 2.2% as we approached the middle of December.