Jen-dollár-usa összefüggések:
https://www.economist.com/finance-and-economics/2024/08/02/why-fear-is-sweeping-markets-everywhere
.
"The third force roiling markets is the strength of the Japanese yen. In recent weeks it has strengthened against a trade-weighted basket of currencies at close to its fastest pace in two decades. In part, this is because of the Bank of Japan’s surprise decision to raise interest rates by a tenth of a percentage point on July 31st.
A rising yen automatically depresses Japanese share prices, as many of the country’s largest globetrotting firms, such as Hitachi, Sony and Toyota, make their earnings overseas in foreign currencies.Some of the decline in Japanese stocks may be explained by this effect. Probably more important, though, is the unwinding of popular trades linked to a weak yen and ultra-doveish monetary policy. The combination of the two made it possible to borrow cheaply in yen, convert the proceeds to dollars and invest in Treasuries, yielding far more than it cost to service the debt—a “carry trade”.
But with Japanese interest rates rising and American ones falling, the trade has fading attraction. Worse, the yen’s rapid strengthening raises the dollar cost of paying back the debt, pushing the trade into the red. The violent moves of the past few weeks will have forced many investors to close their positions, and possibly also to fire-sell other assets, adding to instability in both domestic and global stocks."
https://www.economist.com/finance-and-economics/2024/08/02/why-fear-is-sweeping-markets-everywhere
.
"The third force roiling markets is the strength of the Japanese yen. In recent weeks it has strengthened against a trade-weighted basket of currencies at close to its fastest pace in two decades. In part, this is because of the Bank of Japan’s surprise decision to raise interest rates by a tenth of a percentage point on July 31st.
A rising yen automatically depresses Japanese share prices, as many of the country’s largest globetrotting firms, such as Hitachi, Sony and Toyota, make their earnings overseas in foreign currencies.Some of the decline in Japanese stocks may be explained by this effect. Probably more important, though, is the unwinding of popular trades linked to a weak yen and ultra-doveish monetary policy. The combination of the two made it possible to borrow cheaply in yen, convert the proceeds to dollars and invest in Treasuries, yielding far more than it cost to service the debt—a “carry trade”.
But with Japanese interest rates rising and American ones falling, the trade has fading attraction. Worse, the yen’s rapid strengthening raises the dollar cost of paying back the debt, pushing the trade into the red. The violent moves of the past few weeks will have forced many investors to close their positions, and possibly also to fire-sell other assets, adding to instability in both domestic and global stocks."
OTP részvényesek ide!