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thority (Hong Kong): Merrill Lynch (Asia lated by the Monetary Authority of Israel}: Merrill Lynch Lynch lidrios; Merrill Lyn

Y reached 100 on the Brexit vote as we argued in $/¥’s eventual surge: Buy Nikkei O06 September 2016. In fact, the USD/JPY has stopped falling during Tokyo trading hours since the summer. Based on the decline of foreign yields and higher hedge costs, hedged US Treasuries and German bunds had lost nearly

seems to be the only one in the region that is expected to display a much lower sensitivity to US rates, outperforming others within Asia. We expect the Monetary Authority of Singapore to keep the SGD NEER in the weaker side of the band for the next few months, which reduces the downside risk for the trade (Chart 69). We like the IN

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exposure to unhedged foreign bonds though they generally remain price sensitive. In our view, this is reflected in the USD/JPY’s consolidation during Tokyo trading hours after the pair hit 100 on the Brexit vote (Chart 4). The fact that USD/JPY has failed to break 100 multiple times since then suggests t

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