Independent Strategy

Japan intervenes to prop up the yen

The Japanese authorities have intervened to prop up the yen for the first time since 1998. This intervention may squeeze a few yen shorts but no more. We have replaced our yen shorts with a short JGB position because this is likely to be the beginning of the end for the BoJ’s Governor Kuroda and his dysfunctional monetary policies. But the process will be gradual’.

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