It may not be the best idea to be overweight JPY
Since the GFC, the JPY and the Japanese stock market have been rising and falling in near lockstep. If the nearly 10-year era of the weak yen is coming to an end, it may not be the best idea to be overweight this country.
Imagine if the JPY just goes back to its July 2023 lows of $137.50. That's a 7% haircut on currency translation alone if you're an FM buying Japanese equities.
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https://twitter.com/BrianTycangco/status/1726791983489073386
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