JPY Remains the Cheapest Currencies of the Majors - BNZ
Jason Wong, Currency Strategist at BNZ, suggests that it was a deadly
quiet start to the trading week, with little to report other than
yesterday’s strengthening of the Yen.
Key Quotes
“The move down seemed to coincide with much stronger than expected trade
data, with the surplus rising to its highest level in six years, making
a mockery of Japanese official’s pleas for a weaker yen. On a real
exchange rate basis, the yen remains the cheapest currencies of the
majors and has been for some time, despite its strong appreciation this
year. The market knows this and has been happy buying yen for much of
the year, despite the BoJ pumping up its monetary base.”
