In today’s briefing:
- Toshiba Privatisation In Trouble
- USD/JPY Target Undershoot
Toshiba Privatisation In Trouble
- After a few successive rounds of Management and Board Proposals were shot down, last March Toshiba Corp (6502 JP) embarked on a process to generate a privatisation proposal.
- The result has ended up with one, maybe two privatisation proposals in the offing. The “leading” candidate’s proposal will not fly as proposed. The other is MIA for the moment.
- That leaves a complicated situation. Activists+active holders are stuck with Toshiba and vice versa. They want change, and out, and financiers do too. Change happens. The question is how.
USD/JPY Target Undershoot
- Our high conviction USD sell call at DXY 114/113 comprised the AUD, ZAR, Euro, KRW and JPY. Our focus today is the USD/JPY undershooting our 135 target.
- AUD is near our 0.6850 but could stretch to 0.69. USD/ZAR met the 17.10 PT. Euro target remains at 1.0650 just under the 1.07 MT resistance. USD/KRW 1,298 PT met.
- DXY 103 downside target with risk to 102 while aligning the US 10yr yield target of 3.50%/45%. NFP is the swing factor for yield today.
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