The sword of Damocles that is hanging over the Japanese currency has to be taken into consideration: the possibility that a restrictive policy aimed at fighting inflation may not be possible in Japan following years of ultra-expansionary monetary policy and in view of a treasury that is running frightening deficits.

Only those who are reasonably certain that this concern is unjustified can deduct trade recommendations from relatively moderate or positive JPY projections. I certainly am not. Our JPY projections are explicitly not to be understood as a trade recommendation!