By Natalia Gurushina
Sep 15, 2010
3:40:00 PM
| Last Updated
RGE has been recommending JPY as a funding currency (alongside USD and EUR) for CHF longs and a high-growth EM Asia FX basket (CNY, MYR and INR in equal weights). RGE also recommends long PEN/JPY targeting 32.5 spot (30.5 3-month forward, small positive carry). On September 15, 2010, the Bank of Japan/Ministry of Finance intervened in the foreign exchange market for the first time since 2004 after USD/JPY broke through 83.0. The intervention was sizeable (to the tune of US$12 billion), unilateral and unsterilized–the latter making it more[...]
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