Asia's Rich Advised to Buy Yen as BOJ's Negative Rates Backfire

Money managers for Asia’s wealthy families are favoring the yen as it benefits from the turmoil in global financial markets. Credit Suisse Group AG is advising its private-banking clients to buy the yen against the euro or South Korean won because the Japanese currency remains undervalued versus the dollar. Stamford Management Pte, which oversees $250 million for Asia’s rich, told clients the yen is set to strengthen to 110 against the greenback as soon as the end of this month. Singapore-based Stephen Diggle, who runs Vulpes Investment Management,.....