Japan Bulls Rest Hopes for Abenomics on Yen Weakening Beyond 130
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Two Japan bulls say Prime Minister Shinzo Abe is achieving his goal of reviving the economy by weakening the yen -- and there’s more to come.
Stefan Hofer, the chief investment strategist in Asia at BNP Paribas Wealth Management, said the yen may drop about 8 percent to 130 per dollar over a year, boosting earnings that have driven an equity rally. Jay Glasser, a former Citigroup Inc. trader who started his own investment office, sees 140 to 160 by year-end, helping his bets on yen losses and gains in Japan’s bonds and stocks. Those forecasts compare with the median for a weakening of about 4 percent to 125 in a Bloomberg survey of analysts.