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Comment on Yen weakens past ¥160 per dollar, eroding intervention gainsparent

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Most large companies hedge their exposition to FX rates.

Many don't though, and even if they all did, you can't hedge forever. Hedges are also rolling, so as some hedges expire the companies need to set up new hedges, which are at a worse FX rate. So the hedges lessen the impact but they aren't perfect, otherwise they would not be called 'hedges'.

FX futures, but yes.

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