Multi-managers add to Japan on yen intervention

Multi-managers are boosting their exposure to Japan following the Government's moves to weaken the currency.

The Japanese Finance Ministry intervened for the first time in six years last week after the yen hit a 15-year high against the US dollar. Its action sent the yen down as much as 3% to 85.52 per US dollar and boosted shares on the Nikkei 225. PSigma CIO Tom Becket, who has had a large allocation to Japanese equities for most of this year, is now looking to introduce a play on the weakening yen through an ETF. “We have been adding throughout the year to distressed Japanese assets and big part of our call was that the yen was going to weaken from its high levels,” he says. “I do n...