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.