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DOLLAR-YEN: Morgan Stanley's trade of the week is selling USD/JPY at market with
a target of Y108.00 and stop at Y113.65.
- MS write that "USD/JPY should remain under selling pressure, but anticipated
weakness will have little to do with the head of Japan's Government Pension
Investment Fund (GPIF) saying that his fund is now able to hedge against
fluctuation in the value of various currencies. Within the G10, there is no
single foreign currency 10y bond left where Japanese investors could earn a
higher FX-hedged return than a 30y JGB. Instead, USD/JPY is driven by US asset
volatility now widening corporate bond spreads and bringing US sovereign bond
yields down. The Fed softening its rhetoric may help too."