Economics
State Street Cuts Bullish Yen Bets as 2017’s Top Performer Fades
- Money manager is neutral after 18 months of long yen positions
- Unclear what new BOJ framework means in practice: Crownover
Bloom: BOJ Policy Not Working, Renminbi Is Boring
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State Street Global Advisors Inc. has unwound bets on the yen strengthening against the greenback as the best-performing developed-market currency this year starts to fade and the money manager awaits clarity on Bank of Japan’s new yield-control framework.
The fund manager, which oversees $2.3 trillion in assets, has cut long positions it held “because of a valuation view” on Japan’s currency for 18 months as the economic data from the Asian nation softened, Collin Crownover, the money manager’s Boston-based head of currency management, said in an interview in Sydney on Thursday.