GAM: yen to stand out in 2018

While the majority of G10 currencies are correctly priced, Japan's currency seems undervalued

Joachim Corbach, head of currencies and commodities,GAM
Joachim Corbach: “The Japanese yen is the perfect currency to follow all global currency moves because it goes the opposite way”

When looking at major currencies, from a broader perspective and over the long term, the majority of them appear to be valued fairly, based on a real, effective exchange rate (Reer) basis, says Joachim Corbach, head of currencies and commodities at GAM.

“The only currency of the G10 that stands out for next year is the Japanese yen,” he notes.

Corbach says that while most major currencies tend to trade within a band of 15% in either direction from their fair valuation, the Japanese yen can see

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