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.
