JPM says the yen is a more attractive hedge than the USD or the CHF
- JPM citing signs of an economic slow down in the US, trade tensions continuing.
- yen the only cheap recessionary hedge left in global macro
- JPM recognise there are headwinds for it, GPIF allocating more to offshore bonds
- JPM like yen specifically against AUD and NZD, also EUR
Via a note last week.