7 Aug 2013
Flash: Yen bears about to throw in towel? - Societe Generale
FXstreet.com (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale This may well be is the move that sees yen bears throw in the towel for the rest of this summer.
Key Quotes
“The BOJ is unlikely to make policy changes this week, but that doesn’t justify the yen’s recent strength.”
“I’m not inclined to put it down to anything other than repeated failure to see USD/JPY settle above 100, or benefit from the combination of higher Treasury yields and higher US equity indices.”
“Let’s face it, the yen has weakened a lot this year, and settling in a USD/JPY 95-100 with reduced volatility probably suits both the US and Japanese authorities far better than it suits our forecasts.”
Key Quotes
“The BOJ is unlikely to make policy changes this week, but that doesn’t justify the yen’s recent strength.”
“I’m not inclined to put it down to anything other than repeated failure to see USD/JPY settle above 100, or benefit from the combination of higher Treasury yields and higher US equity indices.”
“Let’s face it, the yen has weakened a lot this year, and settling in a USD/JPY 95-100 with reduced volatility probably suits both the US and Japanese authorities far better than it suits our forecasts.”