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20-10-2012
Yen, To Appreciate Against Us Dollar 日元兑美元
Yen has recently depreciated against dollar while US Dollar Index has weakened against major currencies. Rumors have Spread that Us and Japan would have agreed on a floor of 77 yen against US dollar, but in our opinion reasons for recent weakness are mostly linked to liquidity. Japan is surpassing China as the biggest Us creditor, purchase of US Treasuries by Japanese has recently accelerated, and markets have been particularly buoyant relative to fundamentals, a factor that traditionally links to a weakening yen. in addition a strong yen is helping Japanese looking into possible acquisitions abroad as in the recent case of Sprint acquisition by SoftBank. A combination of likely weaker equity markets going forward, reduced inflation expectations in the US and shrinking outflows from peripheral bonds will likely help resuming upward pressure on yen.最近日元对美元贬值,而美元兑主要货币指数。谣言传播,我们和日本已经同意的77日元兑美元汇率在地板上,但在我们看来,近期的疲软原因大多与流动性。日本超越中国作为美国最大的债权人,购买的美国国债由日本最近加快,而市场也有特别畅旺相对于基本面的因素,传统上日元的疲软。此外,日元的强势帮助日本在最近的Sprint收购软银国外寻找可能的收购。 可能疲软的股票市场前进的结合,降低了通货膨胀预期在美国和收缩外围债券的流出将可能对日元继续上涨的压力 |