SEI recently added a position via put options that will benefit in the event that the Japanese yen (JPY) will weaken relative to the U.S. dollar (USD).

Despite the meaningful depreciation of JPY over the past 18 months, we believe there is potential for further weakening versus USD. Contributing factors to a JPY depreciation include the inability of Japanese policymakers to influence the direction of the currency in a meaningful way, the U.S. Federal Reserve holding interest rates higher for longer, and strong negative technicals supporting a weak JPY. Additionally, the pricing for these options provided an attractive opportunity from a valuation perspective with limited downside risk. The position should benefit if the USD/JPY exchange rate moves above the 156 level over the next two months—a higher level is associated with a weaker JPY.

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