The headwinds impacting on the euro (Brexit, Italy), and those impacting commodity currencies have seen the yen a winner against the USD last year almost by default says CS.
If those headwinds continue expect more of the same in 2019 says the bank:
- news has been (relatively) less negative for Japan
- yen has been a 'safe haven' as riskier assets have suffered
Barclays add:
- Yen is (in the longer run) undervalued
- outperformance could take it to 107 by end 2019
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Earlier Greg posted on the strongest majr for 2018:
