Rothschild: The long-term undervaluation of the yen is beginning to correct, and pullbacks are seen as good opportunities to increase positions
智通财经2026/09/11 00:46Show original
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(1) Edmond de Rothschild Asset Management believes that the recent appreciation of the yen signals a broader correction is beginning for a currency that has long been undervalued. (2) The institution’s Head of Strategy, Michael Nizard, wrote that in recent years, the yen’s movements have been dominated mainly by the US-Japan interest rate differential and its role as a global carry trade funding currency; now, the yen is starting to trade more in line with its own fundamentals. (3) He wrote: "The yen may be starting to trade again as a fundamentally driven currency. Any pullback in yen crosses should increasingly be seen as a good opportunity to rebuild or increase long yen positions."
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