Credit Suisse asks the question and then tries to answer it
Credit Suisse are trying to understand why USDJPY isn’t higher than it is now.
"It should come as no great surprise that JPY has lost ground over the past week. Lower risk aversion and higher asset prices tend to draw money out of Japan, something the authorities are happy to encourage. And as Japanese weekly flow data show, Japanese residents have responded to JPY strength so far by buying still more overseas assets.