JPY and MXN are interesting but for different reasons, economists at TD Securities report.

The BoJ has opened the door to further normalization

The BoJ has opened the door to further normalization, which to us remains JPY bullish. Local investment managers are repatriating longer-term fixed income flows and foreigners are buying equities. 

On MXN, we like EUR/MXN lower, underscoring a nice way to capture good US growth but still attractive global carry, as markets mull the end to the ECB and Fed cycles.