Analysis shows investors may be better off considering the Swiss franc, Taiwan dollar and euro rather than the rapidly weakening yen.
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When measured against a basket of units of trading partners, the yen's fading allure can clearly be seen.
As the yen slumped to a six-year low against the dollar last week, retail investor net-long aggregate positions in the currency climbed to ¥258 billion — an all-time high.
Treasurys are off to their worst start to a year in over four decades, but Japanese investors may soon ride to their rescue.
The Bank of Japan offered to buy an unlimited amount of five to 10-year bonds at fixed rates in a bid to cap the recent rise in yields.
Gov. Haruhiko Kuroda remains the last staunch dove at the world’s biggest central banks outside of China as inflation gathers pace.
Japanese bonds have largely escaped the rout that has jolted other debt markets as the central bank’s ultraloose monetary policy keeps yields locked in a narrow range.
The Government Pension Investment Fund made a record cut to its weighting of U.S. government bonds last fiscal year as it increased investments into European sovereign debt.
Japanese funds have reaped a 27% return as a stimulus-fueled rally propelled global equities to a record high.
Options for Japanese investors, among the biggest buyers of global debt, have shrunk this year as central banks slashed rates.