19 May 2015
USD/JPY: Toshin momentum to assist gradual appreciation - Nomura
FXStreet (Bali) - Yujiro Goto, FX Strategist at Nomura, expects toshin momentum to remain strong, supporting a gradual appreciation of USD/JPY.
Key Quotes
"Toshin companies (Japanese funds invested abroad) bought a net JPY657bn ($5.5bn) in foreign securities in April, for the fifth month in a row."
"Retail investors prefer foreign equities to foreign bonds, but the recovery in foreign bond investment via toshins suggests a stronger appetite for foreign investment among retail investors."
"As consumer sentiment recovers, we expect toshin momentum to remain strong, supporting a gradual appreciation of USD/JPY."
Key Quotes
"Toshin companies (Japanese funds invested abroad) bought a net JPY657bn ($5.5bn) in foreign securities in April, for the fifth month in a row."
"Retail investors prefer foreign equities to foreign bonds, but the recovery in foreign bond investment via toshins suggests a stronger appetite for foreign investment among retail investors."
"As consumer sentiment recovers, we expect toshin momentum to remain strong, supporting a gradual appreciation of USD/JPY."