Bank of America(US:BAC) Jin Shi Shu Ju·2025-11-19 00:23Group 1 - The core viewpoint of the articles indicates that global investors expect the Japanese yen to outperform other major currencies in 2026, despite its poor performance in 2023, where it recorded the worst return among major currencies against the US dollar [1][4]. - Approximately one-third of the 170 fund managers surveyed by Bank of America believe the yen will achieve the best returns next year, followed by gold and the US dollar, while only 3% favored the British pound [1][4]. - The yen's underperformance this year, with only a 1% increase against the US dollar, is attributed to uncertainties surrounding the Bank of Japan's interest rate policies and the recent election of a prime minister supporting monetary easing [4][5]. Group 2 - The sentiment towards the yen's appreciation in 2026 may stem from its undervaluation, reflecting ongoing investor disinterest in Japanese assets, as the same group of investors has maintained a 4% underweight in Japanese equities for over a year [5]. - The potential for intervention by Japanese authorities in the currency market to support the yen is noted, especially if the US Treasury's upcoming macro and forex report refocuses attention on exchange rate policies [5]. - The monthly survey conducted by Bank of America from November 7 to 13 included 172 investors managing a total of $475 billion in assets [5].