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Betting on Yen to Fall Further in 2013? Think Again
The Japanese yen fell to a two-year low on Thursday, continuing its rapid downtrend that started in the middle of last month when new Prime Minister Shinzo Abe first promised to aggressively ease monetary policy. But analysts warn that the yen could reverse direction and end up firmer by the end of 2013 as the U.S. Federal Reserve will stay ahead of the Bank of Japan (BOJ) in monetary easing, which means the dollar will fall at a more rapid pace than the yen. According to Sean Callow, senior currency strategist with Westpac Bank in Sydney, it is merely a matter of time before the yen climbs back up. He forecasts the ... (full story)
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