Early days for yen rally
MARKET VOICE
The yen’s recent rise against the dollar and the euro has prompted talk of a protracted yen rally, but, says Jesper Dannesboe, chief FX strategist at Dresdner Kleinwort Wasserstein in London, it’s still too early to talk of a trend-reversal
The recent dramatic strengthening of the yen against the US dollar and the euro raises the question whether we are at the beginning of a 1998-style yen trend-reversal (US$/yen dropped by more than 20% during the three months after its peak in August 1998).
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