Recently, if you ask who the best non-US currency is, the answer would be the Japanese yen.
As the Fed's policy pivot, the dollar has slipped from its highs, and most non-US currencies are appreciating, as is the renminbi. But the brightest currency is the yen.
If you count from the bottom, the yen has risen by almost 10%. This is because, not only has the dollar depreciated, but the Bank of Japan has suddenly sent a heavy signal that it will exit the negative interest rate policy next year.
This surprised the market, after all, Japan has not withdrawn from the basis of negative interest rates, inflation is not high, real estate has not recovered, especially consumption, under the double blow of population and income, Japan's consumption is still relatively sluggish, at this time to withdraw from the easing policy, undoubtedly suicide in economic policy.
Therefore, I very much suspect that Japan's financial and fiscal leaders do not have their own independence at all, and have chosen to look to Europe and the United States. In the past three years, Japan should have been the country with the highest profits.
In the context of the global deflation, out of deflation, Tokyo's housing prices have recovered all the declines since the real estate bubble, hitting a record high, ** is only one step away from the record high.
Moreover, Japan has not entered into great inflation like Europe and the United States, and prices are relatively moderate. At this time, if a negative interest rate policy is introduced, I think ** will immediately peak, and then the ** asset ** will fall again, dragging Japan back into the quagmire of deflation.
If a country's financial layer does not have its own independence, then they will only act for their own interests, and perhaps they will start to transfer their assets long ago.