Three reasons to sell the yen
BofA Merrill Lynch believes that the Bank of Japan will continue to adhere to the ultra-loose monetary policy in the medium and long term, preferring to observe its normalization by the Fed and other tsentrobankov- G10 issuers. Low volatility, high cost of capital in the United States and the divergence in the monetary policy of the Fed and the BoJ are “bullish” factors for the pair USD / JPY. They allow us to recommend the purchase, but the bank is concerned about the political and other risks that are putting pressure on the US dollar.
The inability of the team to Donald Trump to push through Congress a bill on changes in the health system, as well as a more “dovish” rhetoric Janet Yellen than-expected correction contribute USD / JPY.
However, BofA Merrill Lynch believe there is a risk of a temporary nature, and already the US dollar in the fall will cost 115 yen.
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