If a Japanese pension fund decides to purchase U.S. government bonds, what is the effect in the exchange market?

Name: If a Japanese pension fund decides to purchase U.S. government bonds, what is the effect in the exchange market?
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Question

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When a Japanese pension fund purchases U.S. government bonds, it needs U.S. dollars to make the purchase. Thus, the transaction will increase the demand for U.S. dollars in the foreign exchange market, causing the value of the U.S. dollar to appreciate.

If a Japanese Pension Fund Decides to Purchase U