Don't get caught holding Japanese yen
News On Japan via Forbes -- Jan 24
Oppenheimer International Bond Fund has historically held around 15%-20% of its assets denominated in one of the largest currencies in the world, the Japanese yen. That shouldn't be surprising, after all Japan is the second largest issuer of debt in the world, behind only the U.S.
But now we've cut the Fund's yen exposure to almost zero.1 That's right, the yen is the biggest weight in our stated benchmark index, and we have almost none of it2 and we plan on having none of it for a while. It is one of our highest conviction bets in the portfolio. The yen has been one of the biggest movers in the currency world this year, losing 3% of its value against the U.S. Dollar as of January 18, and weakening almost 15% since the end of September 2012 (see the chart below). In our mind's the yen's fall isn't done, either, we think this is just the beginning of a longer, more significant structural trend of yen weakness.
|| Crown Princess Masako turns 50, in recovery process |
| || In a written statement issued for her 50th birthday Monday, Crown Princess Masako pledged to continue efforts to overcome a stress-induced illness that she has been dealing with for 10 years. (Kyodo ) |
|| OLs also profiting from illicit photo sessions |
| || Tokyo Metropolitan Police in November announced the bust of a studio for allowing photography of school girls in seductive poses. According to Shukan Jitsuwa (Dec. 19), the trade in illicit private photography is varied, with office ladies among those in the biz. (Tokyo Reporter) |
|| Mother, three youths arrested over robbery in Kanagawa |
| || Kanagawa prefectural police said Friday they have arrested four individuals in Ebina, in connection with a robbery case in which a pregnant woman on her way home was struck in the face and robbed of approximately 100,000 yen in cash. (Japan Today ) |
|| Kobe light festival starts |
| || An annual light festival commemorating a major earthquake 18 years ago has opened in the western Japanese port city of Kobe. (NHK ) |