(MarketWatch) — The euro could face downside risks against the yen because of Japanese investors’ large holdings of Italian sovereign bonds, a Tokyo strategist said Monday.
“Contagion of the European debt crisis to Italy is one of the top concerns on every global investor’s mind. The Japanese are no exception, and especially so for investment trust fund managers since they hold a relatively large amount of exposure to Italy,” Tohru Sasaki, head of Japan rates and foreign-exchange research at J. P. Morgan Chase in Tokyo, said in a note to clients Monday.
“Contagion of the European debt crisis to Italy is one of the top concerns on every global investor’s mind. The Japanese are no exception, and especially so for investment trust fund managers since they hold a relatively large amount of exposure to Italy,” Tohru Sasaki, head of Japan rates and foreign-exchange research at J. P. Morgan Chase in Tokyo, said in a note to clients Monday.
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