20 June 2024

BOJ THE YEN...THE BIGGEST $357 BILLION CASUALITIES OF HIGHER-FOR-LONGER BORROWING COSTS: Partial Bloomberg Screenshot

 


As shorter-dated U.S. Treasury yields have risen - reflecting the belief among investors that the Fed will keep raising rates for the coming months - they have shot above longer-dated ones, which makes it far more expensive to hedge.
This pushes forward currency rates below current, or spot rates, meaning investors that have locked in their dollar exposure - which they need to buy Treasuries - are faced with the prospect of losing out when they eventually swapped those dollars back into yen.

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