JPY: Japan is Back in a Mess - SocGen
Research Team at Societe Generale, notes that it’s the softness of the Japanese data which stands out.
Key Quotes
“Global
growth is back close to trend (better in China’s). The unsustainability
of that debt-fuelled Chinese bounce will remain a hot topic, of course.
But Japan is back in the mire with falling output.
Recession,
capital outflows and long speculative positions, yet still the yen
rallies towards USD/JPY. I’m sidelined and while’ that’s a bit pathetic,
I can’t see any alternative. USD/JPY looks like a lemming hurling
itself off a cliff, and the yen bulls may end up feeling a bit like
lemmings in due course.”
