Yen set to stage a comeback next year
CURRENCY FORECASTS
Schmidt said the unit had taken a hit in the second half of 2006 amid continual rate hikes in Europe, leading investors to maintain holdings in dollars, sterling and euros.
"Reserve holdings of sterling have increased this year partly because of yield attraction and partly because of diversification," Schmidt said. He added that a lack of yen yields served as a disincentive for reserve managers to hold the currency despite real 10-year yields being the same as elsewhere.
However, Schmidt
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