Results for “Yen”

…y need to see further evidence of an acceleration in global growth. Foreign Exchange We remain underweight the Japanese yen. The Japanese economy continues to weaken against its peers, leading to rising pressure for the Bank of Japan to engage in further quantitative easing. We h...

…urchases were potentially approaching their limit in terms of policy effectiveness. Inflation expectations fell and the yen strengthened as a consequence as the market got accustomed to fading dovish pronouncements from the Bank of Japan. Bo) Governor Haruhiko Kuroda himself said...

…be bought as the 100-105 level was where medium-term directional risk was likely to reverse to the upside (Dollar’s 100 Yen risk 02 March 2016). In our view, a Republican sweep would first lead to JPY strength on risk aversion, but eventually be the most bullish outcome for the U...

…t line. We believe new PM Abe conviction and political power to reflate the economy are real. It has already helped the yen lose 10% versus the dollar. Given this move, faster fiscal easing and support from equities, we have raised our 2013 growth forecast for a 3rd time, this ti...

…urrency basis, led by cyclicals, banks and insurance stocks (Exhibit 4). Resurgence in the "Japan macro trade" of short yen / buy equities is also a possibility. Our Buy-rated stocks in bank, insurance and cyclical sectors are listed in Table 1. Shusuke Yamada, CFA FX/Equity Stra...

the anchoring of 10Y yields will further weigh on the Yen as

2) a weaker yen (we assume USDJPY rebounds to

especially against the backdrop of a weakening yen

…l (Real/$) 3.16 m27 -3.3% -0.5% British Pound ($/GBP) 1.34 1.33 -0.9% 7.6% Euro ($/Euro) 1.18 1.16 -1.4% 10.7% Japanese Yen (Yen/$) 113 114 -1.0% 2.9% Korean Won (KRW/$) 1145 1120 2.2% 7.6% US Dollar Index (DXY) 93.08 94.55 -1.6% 8.1% Commodities Gold 1280 1271 -0.7% 10.3% Oil...

…ure will ease after 1Q if rates hold, unless a company has high exposure to Japan. Table 5: Percent change y/y Euro GBP Yen Other* 4Q15 1Q16 -12.3% -2.0% -4.5% -5.4% -8.1% 1.1% -14.4% -11.0% 2Q16 2.0% -4.9% 9.4% -6.3% 3Q16 4Q16 0.3% -1.5% -13.9% -17.4% 19.3% 15.1% -2.9% 0.0% 1Q17...

…se tax increases are reversed later in the year, the first response would be a higher USD versus all currencies but the yen, given how long that investors are of cyclical currencies and how short they are the yen. Stay short USD/JPY and buy USD vs high-beta (AUD, NZD, SEK and GBP...

…se tax increases are reversed later in the year, the first response would be a higher USD versus all currencies but the yen, given how long that investors are of cyclical currencies and how short they are the yen. Stay short USD/JPY and buy USD vs high-beta (AUD, NZD, SEK and GB...

“Time of Troubles: The Yen and Japan’s Economy

the anchoring of 10Y yields will further weigh on the Yen as

the Nikkei fell 190bps and the yen advanced