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Asia's Rich Advised to Buy Yen as BOJ's Negative Rates Backfire

  • `All existing drivers still point to more yen strength': Heng
  • Vulpes family office plans to add to hotel assets in Japan
Bloomberg business news

Would Negative Rates Help Or Hinder the Economy?

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Money managers for Asia’s wealthy families are favoring the yen as it benefits from the turmoil in global financial markets.

Credit Suisse Group AG is advising its private-banking clients to buy the yen against the euro or South Korean won because the Japanese currency remains undervalued versus the dollar. Stamford Management Pte, which oversees $250 million for Asia’s rich, told clients the yen is set to strengthen to 110 against the greenback as soon as the end of this month. Singapore-based Stephen Diggle, who runs Vulpes Investment Management, plans to add to assets in Japan where the family office already owns hotels and part of a nightclub in a ski resort.