JP Morgan Japan strategists say yen appreciation could relieve upward pressure on JGB yields and bring forward a rebound in Tokyo-listed AI and semiconductor stocks; weak real estate names could also benefit. They note sectors facing earnings headwinds from a stronger yen include transportation, logistics and autos. JP Morgan’s constructive view on Tokyo AI/semis contrasts with Saxo Bank strategist Charu Chanana, who warned a yen rebound could trigger de-leveraging and the unwinding of crowded p

JP Morgan Japan strategists say yen appreciation could relieve upward pressure on JGB yields and bring forward a rebound in Tokyo-listed AI and semiconductor stocks; weak real estate names could also benefit. They note sectors facing earnings headwinds from a stronger yen include transportation, logistics and autos. JP Morgan’s constructive view on Tokyo AI/semis contrasts with Saxo Bank strategist Charu Chanana, who warned a yen rebound could trigger de-leveraging and the unwinding of crowded positions.