A look at the day ahead in European and global markets from Wayne Cole.
A day after the Bank of Japan's bombshell and things are looking a little steadier. Most Asian share markets and U.S. stock futures are up, and the Nikkei down only modestly.
Analysts assume a formal shift will come after Japan's Spring wage talks and BOJ chief Kuroda's retirement in April. Higher yields at home could make it more attractive for Japanese investors to repatriate some funds, particularly as hedging costs have been rising for offshore assets. Analysts also suspect the BOJ shift meant the days of Japan desiring, or just accepting, a lower yen were over and the fallout in carry trades has been vicious.
Other carry trades at risk include the Brazilian real, South African rand and Mexican peso, and exiting from those illiquid currencies will likely include a leg of selling the U.S. dollar for the yen.
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