Although the yen has stayed weak against the US dollar, it has appreciated in trade-weighted terms in response to a slump in some emerging Asian currencies. Still, the yen’s real effective exchange rate remains very low and we think it is likely to fall in due course to an even more depressed level than before. Against this backdrop, we expect equities in Japan to continue to outperform those in the US.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.