Bloomberg reports on comments from Jens Nordvig, managing director of currency research at Nomura Holdings Inc.. Nomura topped Bloomberg’s rankings of yen strategists for the four quarters ended December 31, taking the top slot for the second quarter in a row:
- Nordvig says the 45 percent slump in oil since the end of October will trim Japan’s trade deficit by around $500 million
- “We’ve had a couple years where we’ve been very focused on trading the yen from the short side, but we actually haven’t been short for quite a few months”
- Low “oil prices are positive for Japan’s trade balance”
- The yen’s decline will be little changed to end this quarter at 120 versus the dollar, Nomura forecast
