We'll have the JPY sandwich please
=> Russia remains under pressure here after suspending FX purchases through to the end of September
=> The circus from the Whitehouse will be back from recess shortly and will likely impose further sanctions against Russia, this will increase appetite for flows outside of RUB and similarly to the logic in ZARJPY we are using JPY as a beneficiary of these risk flows.
=> The risk to our thesis is an improvement in foreign policy relationships between Congress and the US, a scenario with very low odds as per today.
=> GL
=> The circus from the Whitehouse will be back from recess shortly and will likely impose further sanctions against Russia, this will increase appetite for flows outside of RUB and similarly to the logic in ZARJPY we are using JPY as a beneficiary of these risk flows.
=> The risk to our thesis is an improvement in foreign policy relationships between Congress and the US, a scenario with very low odds as per today.
=> GL
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