JPMorgan Chase: A stronger yen will ease pressure on Japanese bonds, AI and semiconductor sectors may accelerate recovery

On September 9, Japanese strategists at JPMorgan Securities said that a stronger yen is expected to ease upward pressure on Japanese government bond yields, thereby promoting an early recovery of the Tokyo-listed AI and semiconductor sectors. Rie Nishihara and other strategists wrote in a report that the real estate sector, which has underperformed recently, may also benefit. Some sectors are facing the negative impact of the appreciation of the yen on earnings, such as the transportation, logistics and automotive industries. JPMorgan's view of a possible rise in Tokyo's AI and semiconductor sectors contrasts with Saxo Bank's global equity view on the sector. Saxo strategist Charu Chanana previously said that the yen's rebound could trigger some congestion and the unwinding of leveraged positions. (Jin Shi)