Japanese investors are not content to take 3.5% in US Treasuries. They want to hit the long ball and grab 10% in Turkey, 8.5% in South Africa or 9-odd percent in Brazil. That’s has been the move underpinning USD/JPY today as Japanese investment trusts spread cash farther and farther afield. Risk taking has taken almost bizarre proportions as the global economy looks likely to experience an uneven recovery over the next 18 months or so.
Dealers note heavy stop-loss buy orders in USD/JPY above the 95.20 level as spot changes hands now at 94.87.
