Investing in the Yen (2)
July 29th, 2007
Since I last recommended an investment in the Yen, FXY – an ETF tacking the Yen – has gained 3.7%. That’s certainly not much compared to the 20.23% gained by AAPL, but still much better than the pretty much flat Dow Jones Industrial (-0.54%).
So, I’m pretty happy with my 3.7% return over 1 month, and in light of the incertainties of next week, I have sold my stake in FXY and locked my profits.
Where are we going from now? I am not as confident as I was one month ago. If the credit crunch worries and the equity sell-off continue next week, we’ll inevitably see some more gains of the Yen over all major currencies, but whether the sell-off will continue is hard to tell right now. The action on Monday 7/30 will be interesting to watch before taking new positions regarding the Yen.
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