Analyzing the dollar-yen exchange rate's significance, central bank strategies, and potential impacts on global forex markets.

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The dollar-yen exchange rate is the most important macroeconomic indicator. G7 inflation is forming a local bottom in the 2-3% range before exploding higher. In orthodox central bank thought, cutting rates is good if inflation is below target. This week, the BOC and ECB cut rates while inflation was above target levels.