The Japanese Yen finished October as the top performing major currency, gaining at least +2% versus six of the other seven major currencies last month, including gains of greater than +3% against two of them (EUR/JPY -3.17% and EUR/CHF -3.31%). The fundamental conditions that have catered to Yen strength - the aggregate impact of tightening monetary policy, mismanaged fiscal policy (rising deficits), trade wars, high energy costs, and rising inflation – continue to rear their ugly heads.