Yen Bulls Are Back: Morgan Stanley Ranks It Cheapest of All

  • Positioning, options point to first annual gain in four years
  • Rally may end slide that reached 31% since Abe took office
Lock
This article is for subscribers only.

An unlikely event is developing as the Federal Reserve moves closer to its first interest-rate increase in almost a decade: Yen bulls have re-emerged.

Japan’s currency is on course to avoid a record fourth-straight annual loss as a stuttering global economy revives haven demand and weakens the case for the Fed to raise rates more than once in 2015.