摩根大通:日股外国投资者或增加外汇对冲 可能引发日元抛盘加剧

环球市场播报
Sep 24

  摩根大通称,外国投资者可能会提高购买日本股票的外汇对冲比率,进而引发日元抛售。

  Ikue Saito等策略师在报告中写道,过去几个季度外国投资者持续大量买入日本股票,不过外汇对冲比率仍维持在10-20%左右的较低水平。这导致日股与美元/日元之间的关联性减弱。

  考虑到近期涨势,如果更多传统中长期投资者重返对冲型日本股票基金,该比率可能会上升,这将是被忽视的日元利空催化剂。

  摩根大通表示:“如果外汇对冲比率正常化上升1%,可能会触发约3万亿日元的美元/日元买盘,或推动美元/日元上涨2.8。”

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