Japánok adják

2018. május 23. 10:52 Kissherceg Előzmény: #484652

https://www.bloomberg.com/news/articles/2018-05-23...

Add skittish Japanese investors to the list of woes for Turkish assets, as what was once a favored emerging market becomes more like a no-go zone.

With Turkey’s lira breaking below the 24-yen level on Tuesday for the first time, Japanese margin traders cut their losses, said Takuya Kanda, general manager at Gaitame.Com Research Institute Ltd. in Tokyo. The move accelerated Wednesday, sending the lira tumbling in excess of 3 percent against the dollar and pulling down other emerging currencies, including South Africa’s rand and the Indonesian rupiah.

Individual investors in Japan have long had the reputation of making bold, contrarian calls amid near-zero rates at home -- such as diving into Turkish bonds yielding more than 14 percent, setting aside concerns about double-digit inflation and expanding current-account and budget deficits.

“Higher yields are often more important to Japanese retail investors than the actual details of economic fundamentals, thought it’s not like they completely ignore them,” Koji Fukaya, chief executive officer of FPG Securities Co. in Tokyo, said in a phone interview. “The popularity of high yielders is likely to remain intact among Japanese retail investors given they hardly get any yield at home. Once the dust settles with Turkey, they may even get back in to the lira.”