Invesco CurrencyShares Japanese Yen ETF (FXY US) $US70.92

Following the BOJ’s move yesterday we believe that Japan has commenced the hard journey to normalise interest rates and the Japanese Yen has started to correct its decade-long decline. The move by the BOJ’s Governor Haruhiko Kuroda has given investors a glimpse of what comes next when arguably the world’s boldest experiment with ultra-loose monetary policy comes to an end. For now, this may prove to be just a strategic tweak or the start of an unprecedented journey but either way, we believe it’s now a case of “when as opposed to if”.

• We are bullish on the Yen moving into 2023 and beyond making it an ideal exposure for this portfolio.