Jupiter - Tokyo's move on yen 'not a game changer'

The manager of Jupiter's Japan Income fund says Japan's move yesterday to weaken the yen was welcome, but not enough to make investors truly positive on the country.

Simon Somerville, who also runs Jupiter's Japan Select fund, says: "Clearly it is good news, but it is not a game changer yet." He notes the intervention actually came from Japan's Ministry of Finance rather than the Bank of Japan. It was the first time for six years the Government had intervened in the currency, which had hit a 15-year high against the US dollar. "This was Government policy, and not that of the BoJ, and as such it is essentially ‘sterilised', that is, it will have no impact on the BoJ balance sheet and will not add to liquidity," Somerville says. "For investors...