The anti-risk Japanese Yen put in a dismal performance during the first quarter of 2022, particularly as March wrapped up. A majors-based Japanese Yen Index that averages JPY against USD, AUD, GBP and EUR fell as the S&P 500 and 10-year Treasury yield climbed.
Stocks and bond yields rising in tandem can make it difficult for the Japanese currency to shine. Russia’s attack on Ukraine and a more hawkish Federal Reserve have been unable to break market sentiment in a lasting way, at least for now. Is more pain in store for JPY ahead?
