Yen's Long-Term Trend Has Likely Turned to Appreciation
Dow Jones
Sep 30
0336 GMT - The yen's long-term trend has likely turned to appreciation as the Bank of Japan raises rates and Japanese interest rates rise, Citi strategists say in a note. There are clear signs of change in the policy stance of the Sanae Takaichi administration, with its reflationary bias now likely to be diluted, the strategists write. Having defeated deflation through former Prime Minister Shinzo Abe's economic policies dubbed Abenomics, Japan's shift from the policy of yen weakness is a necessary change, the bank says. The U.S. has also shifted its positioning from constraint of yen weakness to guiding the yen stronger, Citi says. The dollar is at Y156.64.
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