“Arrows one and two are giving Japan’s economy a tailwind for now,” said Stephen Jen, managing partner at SLJ Macro Partners LLP in London and former head of currency strategy at Morgan Stanley. “But Japan still faces powerful structural headwinds, and whether arrow three makes an uptick sustainable depends on Abe getting supply-side reforms right.”
It’s the Zen side of martial arts that Andurand displays on the trading floor, says Stephen Jen, a former foreign-exchange trader at BlueGold who’s managing partner at SLJ Macro Partners LLP in London.
“He may be the calmest risk taker I’ve seen,” Jen says. “Oil is a relatively volatile financial product, so you have to see the sometimes violent daily swings as noise. He’s really good at putting on a position early and sitting through the volatility.”
Andrew Capon writes a column for EuroWeek, where he interviews interesting people in the investment world over lunch, and weaves in a restaurant review along with it. Andrew recently interviewed Stephen at Le Cercle in Sloan Square. To read Andrew’s interview with Stephen, please click on the link below.
“The Netherlands bears striking resemblance to Spain and Ireland two or so years ago,” says Stephen Jen from SLJ Macro Partners. Holland has a fat current account surplus of 8.3pc of GDP and a savings rate of 26pc, but Mr Jen says such “virtues” did not prevent Japan succumbing to the after-shocks of its housing crash.
“I am surprised. This is quite extraordinary,” said Stephen Jen, co-founder of hedge fund SLJ Macro Partners. Mr. Jen never understood why the market doubted the BOJ’s resolve to ease aggressively, but he didn’t predict this collapse in European yields.
“The Fed is always seen as the more important central bank to watch for the implications of its policy on global markets,” Mr. Jen said. Now the BOJ is clearly joining that club.