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It could be that we're seeing some restraint now because of sentiment surrounding expectations for the yen as we move into next year, gPIF (a government pension fund) came out and said they are re-instating hedging, which has some people wondering whether they are expecting to take further hits from yen strength in the future. We're also seeing some of the big brokerages marking up their cost projections for the yen moving into next year.

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