Towards a sharp appreciation of the renminbi and the yen?

The Chinese renminbi and the Japanese yen are likely to appreciate sharply over the coming six to 12 months, as: Asia has managed the public health crisis much better than the United States or Europe and is enjoying a much stronger growth recovery; The euro-zone and US economies are going to be hit by the effects of the second COVID wave; The United States is a concern due to its accumulation of external debt as a result of its chronic savings shortfall and the downward revision in its potential growth. It is likely that China and Japan will intervene to curb the appreciation of their currencies .