Yen's Malaise Deepens as Capital Outflows Eclipse Record Surplus [Yahoo! Finance Canada]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance Canada
(Bloomberg) -- Brisk capital outflows from a slow-growing Japanese economy are deepening depreciation pressure on the yen. Most Read from Bloomberg Many yen watchers see the still-wide interest-rate gap between the nation and the US as explaining the currency's persistent weakness, especially given likely inflationary policies from President-elect Donald Trump. Less visible, yet just as influential, are trade and investment flows in and out of Japan. Japan reported a ¥8.97 trillion ($57.5 billion) current-account surplus in the third quarter, but this was outweighed by direct and portfolio investment outflows. The nation's currency rallied to a 14-month high against the dollar in September as traders unwound yen-funded carry trades, but has since weakened about 10%. “Direct and portfolio investments are offsetting the current-account surplus” limiting potential gains for the yen, said Shusuke Yamada, head of Japan currency and rates strategy at Bank of America Corp. in Tokyo.
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