If you need a measure of how much optimism has returned to world markets, look at the yen. It has dropped below the Y100 to the dollar landmark for the first time since October, and is sharply weaker against the euro.
This follows a period when the yen shot upwards thanks to the unwinding of the “carry trade” – in which investors borrowed in yen at low interest rates and parked in higher yielding currencies. The strong yen that resulted might have had much to do with the subsequent collapse in Japanese exports.
If the yen stays weak, and currency risk can be hedged, Japanese stocks look attractive – the Nikkei 225 is almost level for the year in yen terms, but no much better than other markets in dollar terms.
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