Yen Is Wall Street’s Favorite Trade
- Japan’s currency outshines peers in March despite recent drop
- Banks see further gains after yen hit three-decade low in 2022
Japanese 1,000 yen banknotes
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
The yen is making a comeback as a preferred foreign-exchange haven, after banking crises in the US and Switzerland hurt the dollar and franc’s standing as go-to assets for turbulent times.
It’s a change of fortunes for the Japanese currency, which only a few months ago needed the support of policymakers to revive it from a three-decade low. It’s the world’s best-performing major currency this month and for the likes of DWS Group, JPMorgan Chase & Co. and Morgan Stanley, the yen is the next big trade.