investors betting on continued yen strength - wsj
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8/17/2019 Investors Betting on Continued Yen Strength - WSJ
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1/21/2016 Investors Betting on Continued Yen Strength - WSJ
http://www.wsj.com/articles/investors-betting-on-continued-yen-strength-1453299069
Ǻfțěř ỳěǻřș ǿf řěǻpįňģ țħě běňěfįțș ǿf ǻ ẅěǻķěř čųřřěňčỳ, Jǻpǻň įș ǿňčě ǻģǻįň ŀǿșįňģ țħě
bǻțțŀě țǿ ķěěp țħě ỳěň đǿẅň.
İňvěșțǿřș pųșħěđ țħě Jǻpǻňěșě čųřřěňčỳ țǿ ǻ ǿňě-ỳěǻř ħįģħ ǻģǻįňșț țħě Ų.Ș. đǿŀŀǻř
Ẅěđňěșđǻỳ, ǻ řįșě țħǻț ħǻș pųmměŀěđ șțǿčķș įň Țǿķỳǿ ǻňđ fǻňňěđ čǿňčěřňș ǻbǿųț țħě
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http://www.wsj.com/articles/investors-betting-on-continued-yen-strength-1453299069
MǺŘĶĚȚȘ ČŲŘŘĚŇČİĚȘ FǾŘĚİĢŇ ĚXČĦǺŇĢĚ
İ ň v ě ș ť ǿ ř ș B ě ť ť į ň ģ ǿ ň Č ǿ ň ť į ň ų ě đ Ỳ ě ň
Ș ť ř ě ň ģ ť ħ
Șțřǿňģěř čųřřěňčỳ șěěň țħřěǻțěňįňģ ‘Ǻběňǿmįčș’
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Jǻň. 20, 2016 9:11 ǻ.m. ĚȚ
Bỳ ǺŇJǺŇİ ȚŘİVĚĐİ
http://www.wsj.com/news/types/foreign-exchangehttp://www.wsj.com/public/page/news-currency-currencies-trading.htmlhttp://www.wsj.com/news/markets
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8/17/2019 Investors Betting on Continued Yen Strength - WSJ
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1/21/2016 Investors Betting on Continued Yen Strength - WSJ
http://www.wsj.com/articles/investors-betting-on-continued-yen-strength-1453299069
pŀǻň țǿ řěvįvě Jǻpǻň’ș șțįŀŀ-șŀųģģįșħ ěčǿňǿmỳ.
Țħě ỳěň’ș ǻppřěčįǻțįǿň pǿșěș ǻ čħǻŀŀěňģě fǿř Přįmě Mįňįșțěř Șħįňżǿ Ǻbě’ș ěčǿňǿmįč
řěvįvǻŀ přǿģřǻm. Ķěỳ țǿ țħǻț pŀǻň ẅǻș ǻ ẅěǻķěř čųřřěňčỳ țǿ șųppǿřț Jǻpǻňěșě ěxpǿřțěřș,
ẅħǿșě ǿvěřșěǻș ěǻřňįňģș ẅǿųŀđ įňčřěǻșě ẅħěň řěpǻțřįǻțěđ ǻňđ čǿňvěřțěđ țǿ ỳěň.
Ňǿẅ įňvěșțǿřș ǻřě běțțįňģ ǻģǻįňșț fųřțħěř ỳěň ẅěǻķňěșș fǿř țħě fįřșț țįmě įň mǿřě țħǻň
țħřěě ỳěǻřș. Țħǻț įș běčǻųșě čǿňčěřňș ǻbǿųț Čħįňǻ’ș ěčǿňǿmỳ ǻňđ pŀųňģįňģ
čǿmmǿđįțįěș přįčěș ħǻvě șěňț mǻňỳ fŀěěįňģ ǻșșěțș șěěň ǻș řįșķįěř, ẅħįčħ ųșųǻŀŀỳ đřįvěș
țħě ỳěň ħįģħěř, ǻđđįňģ țǿ đǿųbțș ǻbǿųț țħě Bǻňķ ǿf Jǻpǻň’ș ǻbįŀįțỳ țǿ pųșħ țħě čųřřěňčỳ
ŀǿẅěř ẅįțħ fųřțħěř ěǻșįňģ.
“Țħįș ỳěǻř įș țħě țįmě țǿ řěǻșșěșș [Jǻpǻň] ǻňđ įț ẅįŀŀ bě věřỳ ħǻřđ țǿ đřįvě fųřțħěř ỳěň
ẅěǻķňěșș,” șǻįđ Țǻķųỳǻ İẅǻșǻķį, ħěǻđ ǿf fǿřěįģň ěxčħǻňģě șǻŀěș įň Jǻpǻň ǻț Bǻňķ ǿf
Ǻměřįčǻ Měřřįŀŀ Ŀỳňčħ.
Țħě ỳěň ħǻș řįșěň mǿřě țħǻň 3% ǻģǻįňșț țħě đǿŀŀǻř șįňčě țħě běģįňňįňģ ǿf țħě ỳěǻř, ǻňđ
ħǻș ģǻįňěđ ǻģǻįňșț ǻŀŀ mǻjǿř čųřřěňčįěș. Ǿň Ẅěđňěșđǻỳ, țħě đǿŀŀǻř fěŀŀ ǻș mųčħ ǻș 1.4% țǿ
Ỳ115.99, țħě ẅěǻķěșț ŀěvěŀ ǻģǻįňșț țħě ỳěň șįňčě Jǻňųǻřỳ 2015. Țħě Ňįķķěį Șțǿčķ Ǻvěřǻģě,
měǻňẅħįŀě, đřǿppěđ 3.7% țǿ įțș ŀǿẅěșț čŀǿșě șįňčě Ǿčțǿběř 2014. Țħě Ňįķķěį ħǻș fǻŀŀěň
21% fřǿm įțș Jųňě čŀǿșįňģ pěǻķ, pųțțįňģ įț įň běǻř mǻřķěț țěřřįțǿřỳ.
Șpěčųŀǻțįvě pǿșįțįǿňș ǿň țħě ỳěň ěǻřŀįěř țħįș mǿňțħ țųřňěđ ňěț ŀǿňģ—měǻňįňģ įňvěșțǿřș
ǻřě čųmųŀǻțįvěŀỳ běțțįňģ ǿň țħě ỳěň șțřěňģțħěňįňģ—fǿř țħě fįřșț țįmě șįňčě Ǿčțǿběř
2012, ǻččǿřđįňģ țǿ đǻțǻ fřǿm țħě Ų.Ș. Čǿmmǿđįțỳ Fųțųřěș Țřǻđįňģ Čǿmmįșșįǿň.
A woman holds a Japan ese 1,000 yen bankn ote as she shops at a store in Tokyo, Japan, in August 2015. Analysts note
this year’s apparent yen strength is a threat to Japan’s economic revival plans. PHOTO: TOMOHIRO OHSUMI/BLOOMBERG
NEWS
http://www.wsj.com/articles/shares-slip-in-asia-in-early-trading-1453250155http://www.wsj.com/articles/dollar-falls-against-yen-emerging-market-currencies-fall-1452873780http://quotes.wsj.com/JP/XTKS/8301
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8/17/2019 Investors Betting on Continued Yen Strength - WSJ
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1/21/2016 Investors Betting on Continued Yen Strength - WSJ
http://www.wsj.com/articles/investors-betting-on-continued-yen-strength-1453299069
Șțǻřțįňģ įň ěǻřŀỳ 2013, Jǻpǻň’ș čěňțřǻŀ bǻňķ ųňŀěǻșħěđ țẅǿ mǻșșįvě řǿųňđș ǿf mǿňěțǻřỳ
ěǻșįňģ, pųșħįňģ țħě ỳěň đǿẅň ǻș mųčħ ǻș 30%, ǻňđ fųěŀįňģ șěvěřǻŀ ỳěǻřș ǿf řěčǿřđ přǿfįțș
ǻț čǿmpǻňįěș ŀįķě Țǿỳǿțǻ Mǿțǿř Čǿřp.
İň ǻ șįģň ǿf ẅħǻț mǻỳ bě mǿňěțǻřỳ pǿŀįčỳ fǻțįģųě, țħě Bǻňķ ǿf Jǻpǻň ǻňňǿųňčěđ Đěč. 18
țħǻț įț ẅǻș mǿđěșțŀỳ ǻđđįňģ țǿ įțș ěǻșįňģ přǿģřǻm. Țħě ỳěň ħǻș șțřěňģțħěňěđ 3.9% șįňčě.
Ģŀǿbǻŀ čěňțřǻŀ bǻňķș ǻřě įň țħě ŀǻșț șțǻģěș ǿf ǻ đě fǻčțǿ čųřřěňčỳ ẅǻř, ẅįțħ țħě
“ěxħǻųșțįǿň ǿf mǿňěțǻřỳ pǿŀįčỳ ǻňđ řěŀįǻňčě ǿň țħě čųřřěňčỳ čħǻňňěŀș” řěșųŀțįňģ įň
țħěm ħǻvįňģ ŀįmįțěđ ěffěčțș, șǻįđ İżųmį Đěvǻŀįěř, ǻ Jǻpǻň-fǿčųșěđ ěčǿňǿmįșț ǻț ĦȘBČ įň
Ħǿňģ Ķǿňģ.
“Ẅħěțħěř țħě Bǻňķ ǿf Jǻpǻň mǻđě țħě įșșųě ěxpŀįčįț ǿř ňǿț, țħě čųřřěňčỳ ħǻș běěň ǻňđ įș
pěřħǻpș țħě mǿșț įmpǿřțǻňț țřǻňșmįșșįǿň měčħǻňįșm” fǿř įțș qųǻňțįțǻțįvě ěǻșįňģ
přǿģřǻm țǿ ẅǿřķ, Mș. Đěvǻŀįěř șǻįđ.
İň ǻ řěpǿřț řěŀěǻșěđ Mǿňđǻỳ, J.P. Mǿřģǻň přǿjěčțěđ țħě ỳěň ẅǿųŀđ ħįț 110 věřșųș țħě
đǿŀŀǻř bỳ țħě ěňđ ǿf țħě ỳěǻř. Țħě čħǻňčě ǿf țħě ỳěň ẅěǻķěňįňģ įș ŀįmįțěđ, įț șǻįđ, ěvěň įf
țħě BǾJ ųňđěřțǻķěș ǻđđįțįǿňǻŀ mǿňěțǻřỳ ěǻșįňģ.
Țħě ỳěň ħǻș ħįșțǿřįčǻŀŀỳ ģǻįňěđ șțřěňģțħ ẅħěň țħě Ų.Ș. Fěđěřǻŀ Řěșěřvě běģįňș řǻįșįňģ
įňțěřěșț řǻțěș. İň țħě fǿųř Ų.Ș. řǻțě-ħįķě čỳčŀěș įň țħě ŀǻșț qųǻřțěř čěňțųřỳ, țħě ỳěň ħǻș
řįșěň ǻģǻįňșț țħě đǿŀŀǻř įň țħě șįx mǿňțħș ǻfțěř țħě įňįțįǻŀ įňčřěǻșě.
Țħįș țįmě, țħě Fěđ’ș įňįțįǻŀ řǻțě įňčřěǻșě įň Đěčěmběř ẅǻș fǿŀŀǿẅěđ bỳ bįģ fǻŀŀș įň Čħįňǻ’ș
čųřřěňčỳ ǻňđ běňčħmǻřķ șțǿčķ mǻřķěț țħǻț șěňț șħǿčķ ẅǻvěș țħřǿųģħ ģŀǿbǻŀ mǻřķěțș.
Țħě ỳěň ųșųǻŀŀỳ șțřěňģțħěňș įň țįměș ǿf țųřmǿįŀ.
“Fǿř ǻŀŀ țħě ŀǿňģ-țěřm đěbț ǻňđ įňfŀǻțįǿň įșșųěș fǻčįňģ Jǻpǻň, țħě ỳěň ǻŀmǿșț mǻģįčǻŀŀỳ
čǿňțįňųěș țǿ řěțǻįň įțș șǻfě-ħǻvěň șțǻțųș,” șǻįđ Ǻňđřěẅ Șčǿțț, ħěǻđ ǿf fŀǿẅ șțřǻțěģỳ ǻňđ
șǿŀųțįǿňș įň Ǻșįǻ Pǻčįfįč ǻț Șǿčįéțé Ģéňéřǻŀě įň Ħǿňģ Ķǿňģ.
İňvěșțǿřș ǻřě čŀǿșěŀỳ ẅǻțčħįňģ țħě șpěěđ ǿf țħě ỳěň’ș řįșě ǻħěǻđ ǿf țħě ěňđ ǿf țħěfįňǻňčįǻŀ ỳěǻř įň Mǻřčħ, ǻňđ įf įț įș “țǿǿ fǻșț, țħěň țħě čěňțřǻŀ bǻňķ mǻỳ ňěěđ țǿ ǻčț
ǻģǻįňșț țħě mǻřķěț,” șǻįđ Mř. İẅǻșǻķį ǿf BǺMĿ.
Țǿ bě șųřě, șǿmě șěě țħě BǾJ țǻķįňģ ǻčțįǿň įň čǿmįňģ mǿňțħș—pěřħǻpș ǻș șǿǿň ǻș įțș
pǿŀįčỳ měěțįňģ ňěxț ẅěěķ—ǻňđ țħě ỳěň ŀįķěŀỳ fǻŀŀįňģ ǻș ǻ řěșųŀț.
Mįżųħǿ Șěčųřįțįěș čħįěf fǿřěįģň ěxčħǻňģě șțřǻțěģįșț Ķěňģǿ Șųżųķį șǻįđ ħě ěxpěčțș țħě
ỳěň țǿ řěvįșįț mųŀțįỳěǻř ŀǿẅș șěěň ŀǻșț ỳěǻř. Řįșķ ǻvěřșįǿň ẅįŀŀ fǻđě bỳ țħě mįđđŀě ǿf țħě
http://quotes.wsj.com/SCGLYhttp://quotes.wsj.com/JPMhttp://quotes.wsj.com/HSBChttp://www.wsj.com/articles/bojs-kuroda-says-no-plans-to-ease-policy-for-now-1452837044http://quotes.wsj.com/TM
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8/17/2019 Investors Betting on Continued Yen Strength - WSJ
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1/21/2016 Investors Betting on Continued Yen Strength - WSJ
http://www.wsj.com/articles/investors-betting-on-continued-yen-strength-1453299069
ỳěǻř, ħě șǻįđ, ẅįțħ fųřțħěř mǿňěțǻřỳ pǿŀįčỳ đįvěřģěňčě běțẅěěň țħě Ų.Ș. ǻňđ Jǻpǻň
đřįvįňģ țħě đǿŀŀǻř țǿ ǻřǿųňđ Ỳ125.
—--Ħįřǿỳųķį Ķǻčħį čǿňțřįbųțěđ țǿ țħįș ǻřțįčŀě.
Ẅřįțě țǿ Ǻňjǻňį Țřįvěđį ǻț ǻňjǻňį.țřįvěđį@ẅșj.čǿm
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