Archive for February, 2013

Telegraph: G20 currency truce shortlived as Japan mulls foreign bond buys

“The key message we took was that it was a green light for Japan to continue with its new monetary and fiscal policies, but Japan should refrain from being too blatant,” said Stephen Jen from SLJ Macro Partners. He expects the yen to weaken to 110 as Japanese life insurers, funds and banks adapt to the new world of “Abenomics”.

Read the original article on the ‘Telegraph’ website.

FT: Investors turn their backs on sterling

“The reality is that everyone is engaged in the global currency war but is telling everyone else not to admit it,” wrote Stephen Jen, head of currency hedge fund SLJ Macro Partners, in a note to clients at the weekend.

Read the original article on the ‘FT’ website.

FT: EU’s FISH economies unsettle US investors

Even Holland, which has hitherto escaped market attention, remains plagued with structural challenges. “Holland has a property market that is in the process of bursting and the household debt is very high (Holland is four years behind Spain),” says Stephen Jen of SLJ Macro in a recent research note. “The Netherland’s residential debt (mortgages) to GDP ratio is 107.1 per cent, compared with 52.4 per cent for Spain and 41.2 per cent for France.”

Read the original article on the ‘FT’ website.

FT: G20 ministers braced for currency war talks

Stephen Jen, head of the currency hedge fund SLJ Macro Partners in London, said: “The currency markets are increasingly dominated by policies, and the global currency war is clearly heating up.”

Read the original article on the ‘FT’ website.

FT: Euro’s charge fizzles as caution returns

Stephen Jen, head of currency hedge fund SLJ Macro Partners, believes the euro is already overvalued.

“We share what we believe is the consensus view that the euro is likely to be overvalued, relative to the real fundamentals of the Euroland, and that this recent rally in the euro will likely be temporary,” he wrote in a recent note to clients.

Read the original article on the ‘FT’ website.