Japan trade captivates macro hedge funds
Top hedge fund managers at the Salt conference in Las Vegas are brimming with enthusiasm for Japanese equities as Abeconomics helps weaken the yen and boost economic growth
For macro-oriented investors, the trade du jour is undoubtedly Japan where prime minister Shinzo Abe's gambit to reflate the economy with a massive round of quantitative easing has triggered a 30% rally in the Nikkei index and caused the yen to fall more than 10% versus the dollar.
"Japan is the most exciting place to be for a macro investor," commented Michael Novogratz, president of Fortress Investment Group, on a panel at the Salt conference in Las Vegas.
He reckons bets on Japanese stocks
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