巴黎银行-日本-投资策略-日元升值之际的资产前景

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1、28FEB2018LIVEEVERYWEDNESDAYNewYorkLondonBrusselsHongKongTokyo09:0014:0015:0022:0023:00PASSWORD'TheBNPParibasMarketsCall'Allthedial-indetailsareavailableatthebackofthisdocumentPIERREMATHIEUMICHAELSNEYDCrossAssetStrategistGlobalHeadofFXStrategyandCrossAssetStrategistBNPParibasLon

2、donBranchBNPParibasLondonBranchPleaserefertoimportantinformationattheendofthereportandMARdisclosures.www.GlobalMarkets.bnpparibas.comKeycontributorsCross-AssetStrategy–BNPParibasLondonBranchGlobalMarketsHeadofStrategyRobertMcAdie442075958885robert.mcadie@uk.bnpparibas.comResear

3、chGlobalHeadofFXStrategy&CrossMichaelSneyd442075951307michael.sneyd@uk.bnpparibas.comAssetStrategistPierreMathieuCrossAssetStrategist442075958730pierre.g.mathieu@uk.bnpparibas.comBenedicteLoweCrossAssetStrategyGraduate442075951993benedicte.lowe@uk.bnpparibas.comKrisGjiniCrossAs

4、setStrategyGraduate442075951603kris.gjini@uk.bnpparibas.comKeycontributorstothisweek’sMarketsCall:RyutaroKono,HeadofGlobalMarketsResearch,Japan,BNPParibasSecurities(Japan)LimitedJasonLui,HeadofAsiaEquityandDerivativeStrategist,BNPParibas(HongKongBranch)ChrisYung,EquityandDeriva

5、tiveStrategist,BNPParibas(HongKongBranch)ReikoTokukatsu,RelativeValueStrategist,BNPParibasSecurities(Japan)LimitedVasilisKoutsaftis,SeniorGlobalFXvolatilityStrategist,BNPParibasSecCorpCamilledeCourcel,EuropeinterestRateStrategist,BNPParibas(LondonBranch)2Japan:Positioningforlow

6、rates,strongeryenandheadwindstoequities27/02/2018LDNPrognosisvs1-monthprognosisclosecurrentGlobalriskappetitecontinuestomakeagradualrecovery,withmostriskymarketscomingbacktothemiddleoftheir2018tradingrange.WhilewebelievethatpartoftheEURUSD1.22471.26002.88%leveragerisktakinghas

7、beenreduced(withoptionsexpiringincreditmarketsforexample),volatilityislikelytoremainathigherlevelsthanatthestartoftheyear.GBPUSD1.39241.40000.55%ThemarketinterpretedFedChairPowell’sfirsttestimonyasslightlyhawkish.WeagreeUSDJPY107.38105.00-2.22%withthemovehigherinTreasuryyields

8、,butviewthattheUSDshouldweakenandthe10yGilt1.56%1.60%0