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Founder

Olivier Desbarres

Exacting. Excellent. Exceeding. Exemplary.

4X Global Research

4X Global Research was founded in 2017 to provide institutional and corporate clients with the substantive research, high-quality analysis and thoughtful insight on Emerging and G20 economies and financial markets they need to make informed and timely decisions and gain an edge in their investments.

FX & Rates

<ul>
<li>Yen depreciated about 13% vs Dollar in 12 months to 4 January but has since rebounded about 1% in NEER terms. We expect trade deficit to stabilise in coming months. </li>
<li>“Safe-Haven” Yen also driven by capital outflows and global sentiment, as proxied by S&amp;P 500. But perception that Yen is funding currency for EM has not held true since mid-2020.</li>
<li>Our near-term scenario, premised on lower US equities, is of modest Yen NEER appreciation. Monthly seasonality has historically been negligible in February.</li>
</ul>


Yen depreciated about 13% vs Dollar in 12 months to 4 January but has since rebounded about 1% in NEER terms. We expect trade deficit to stabilise in coming months. 
“Safe-Haven” Yen also driven by capital outflows and global sentiment, as proxied by S&amp;P 500. But perception that Yen is funding currency for EM has not held true since mid-2020.
Our near-term scenario, premised on lower US equities, is of modest Yen NEER appreciation. Monthly seasonality has historically been negligible in February.


JPY

Japanese Yen – Myths and Realities