Topix-Yen Link Falling Apart as Japan Stocks Rally on Japan
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Something strange is happening in Japan. Stocks are rallying, and so is the yen.
It’s been true for eight years that the world’s third-largest stock market was much more likely to rise if the currency fell, due to the importance of exporters. Not any more. The relationship is the weakest since October and unwinding fast, with the Topix index up 6.6 percent over the past three months through last week and the yen rising 0.5 percent.