SINGAPORE/HONG KONG ¨C Two leading investment strategists have offered a rare bullish view of the market, saying Prime Minister Shinzo Abe is achieving his goal of reviving the economy by weakening the yen, and there¡¯s more to come.
Stefan Hofer, chief investment strategist in Asia at BNP Paribas Wealth Management, said the yen may drop about 8 percent to 130 per dollar over a year, boosting earnings that have driven an equity rally.
Jay Glasser, a former Citigroup Inc. trader who started his own investment office, sees 140 to 160 by year-end, helping his bets on yen losses and gains in Japan¡¯s bonds and stocks. Those forecasts compare with the median for a weakening of about 4 percent to 125 per dollar in a Bloomberg survey of analysts.
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