{"id":46309,"date":"2026-05-06T18:57:42","date_gmt":"2026-05-06T18:57:42","guid":{"rendered":"https:\/\/www.vtmarkets.com\/sv\/uncategorized\/societe-generale-ser-yenen-som-undervarderad-varnar-for-trangsel-i-carry-trades-nar-japan-blickar-mot-en-rekyl-i-usd-jpy\/"},"modified":"2026-05-06T18:57:42","modified_gmt":"2026-05-06T18:57:42","slug":"societe-generale-ser-yenen-som-undervarderad-varnar-for-trangsel-i-carry-trades-nar-japan-blickar-mot-en-rekyl-i-usd-jpy","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/sv-eu\/live-updates\/societe-generale-ser-yenen-som-undervarderad-varnar-for-trangsel-i-carry-trades-nar-japan-blickar-mot-en-rekyl-i-usd-jpy\/","title":{"rendered":"Soci\u00e9t\u00e9 G\u00e9n\u00e9rale ser yenen som underv\u00e4rderad, varnar f\u00f6r tr\u00e4ngsel i carry trades n\u00e4r Japan blickar mot en rekyl i USD\/JPY"},"content":{"rendered":"

Societe Generale uppgav att den japanska yenen \u00e4r underv\u00e4rderad mot USA-dollarn enligt k\u00f6pkraftsjusterad j\u00e4mf\u00f6relse (purchasing power parity, PPP \u2013 ett s\u00e4tt att j\u00e4mf\u00f6ra valutor utifr\u00e5n vad man faktiskt kan k\u00f6pa i respektive land). Banken satte ett rimligt v\u00e4rde f\u00f6r USD\/JPY n\u00e4ra 95, vilket \u00e4r klart l\u00e4gre \u00e4n dagens niv\u00e5er.<\/p>\n

Banken skrev att yenen fortfarande anv\u00e4nds i s\u00e5 kallade carry trades, allts\u00e5 aff\u00e4rer d\u00e4r man l\u00e5nar i en valuta med l\u00e5g r\u00e4nta (yen) och placerar i en valuta med h\u00f6gre r\u00e4nta, eftersom r\u00e4nteskillnaderna mot andra centralbanker \u00e4r stora. Den lade till att s\u00e5dana positioner kan bli sk\u00f6ra om v\u00e4xelkursen b\u00f6rjar falla.<\/p>\n

Yen Valuation And Positioning Risks<\/h3>\n

Den noterade att de tv\u00e5 senaste uppg\u00e5ngarna i USD\/JPY mot 160 m\u00f6ttes av valutaintervention (n\u00e4r myndigheter k\u00f6per eller s\u00e4ljer valuta f\u00f6r att p\u00e5verka kursen), men att effekten blev kortvarig. Den h\u00e4nvisade ocks\u00e5 till ett stigande Nikkei-index samtidigt som det redan finns stora positioner som tj\u00e4nar p\u00e5 en svag yen (\u201dshort yen\u201d, allts\u00e5 att man satsar p\u00e5 att yenen ska falla).<\/p>\n

Societe Generale bed\u00f6mde att Bank of Japan och Japans finansdepartement kan styra ned USD\/JPY. Den beskrev en m\u00f6jlig r\u00f6relse mot 150, snarare \u00e4n 140 som setts vid tidigare nedg\u00e5ngar.<\/p>\n","protected":false},"excerpt":{"rendered":"

Societe Generale varnar: yenen \u00e4r kraftigt underv\u00e4rderad enligt PPP \u2013 rimligt USD\/JPY runt 95. Carry trades och stora \u201dshort yen\u201d-positioner g\u00f6r l\u00e4get sk\u00f6rt. BOJ\/finansdepartementet kan pressa paret mot 150.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-46309","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/sv-eu\/wp-json\/wp\/v2\/posts\/46309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/sv-eu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/sv-eu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/sv-eu\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/sv-eu\/wp-json\/wp\/v2\/comments?post=46309"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/sv-eu\/wp-json\/wp\/v2\/posts\/46309\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/sv-eu\/wp-json\/wp\/v2\/media?parent=46309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/sv-eu\/wp-json\/wp\/v2\/categories?post=46309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/sv-eu\/wp-json\/wp\/v2\/tags?post=46309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}