Looking at this from the perspective of a net oil exporter/importer, the currency pair that topped the list of currencies traded to express views on oil prices is the Canadian dollar against the Japanese yen. Japan, which imports almost all of its oil. Japan's lack of domestic energy sources, and its need to import large amounts of crude oil, natural gas, and other energy resources, make it very sensitive to changes in oil prices. Some market participants believe the BoJ may change its ultra-loose policy to slow the yen's decline, which is being driven by rising interest rate differentials as the US Federal Reserve embarks on aggressive rate hikes.
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