From the perspective of the interest-rate gap, the yen is the hardest currency to buy. Japan is far away from raising its interest rate. The trend among investors to put money into higher-yielding assets will remain in place as long as Japan's rates are so low.
More Quotes from Minoru Shioiri:
These books and seminars usually advise them to book profits or cut losses by the order of, say, a quarter of a yen.Minoru Shioiri
The yen is looking undervalued at current levels. The Fed is probably getting into the final stage of rate hikes, and Japan and Europe may be coming closer to a tightening policy, so there may be some adjustment in the recent rally in the dollar against the yen and the euro.
Minoru Shioiri
With the recent weak data, there is growing concern about the U.S. economic outlook. That lowers expectations for rate increases and is weighing on the U.S. currency. People are dollar bearish.
Minoru Shioiri
Investors have taken risky one-sided bets on a rising dollar this year. Some will likely continue cutting dollar holdings through the holiday period. That's limiting the yen's losses.
Minoru Shioiri
The market is also waiting nervously for the release Thursday of the US housing starts data for any fresh trading leads, after having largely priced-in the likely rate hike at the March Federal Open Market Committee meeting.
Minoru Shioiri
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