Group 1 - The core viewpoint of the article is that global investors are optimistic about the Japanese yen's performance in 2024, expecting it to outperform major currencies after a tumultuous year [1][3]. - Approximately one-third of the 170 fund managers surveyed by Bank of America believe the yen will deliver the best returns next year, with gold and the US dollar following closely behind [1][6]. - The yen's current optimism contrasts sharply with its lackluster performance this year, where the USD/JPY pair has only risen by 1%, placing it at the bottom among G10 currencies [3]. Group 2 - Factors contributing to the yen's poor performance include the Bank of Japan's ambiguous stance on interest rate hikes and the newly elected Prime Minister's support for loose monetary policies, which are expected to lead to higher spending plans [4]. - Investors' optimism for the yen in 2026 may stem from its undervalued status, reflecting ongoing low investment in Japanese assets, with a net underweight in Japanese stocks of 4% among the surveyed investors [4]. - The potential for a rebound in the USD/JPY exchange rate may be highlighted in the upcoming macroeconomic and foreign exchange report from the US Treasury, which could shift focus back to monetary policy trends [4].

Group 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].

瑞士央行行长施莱格尔：国内外投资者正在买入瑞郎。 ...