Yen Rally Loses Steam; Trump Threatens Iran's 'Last Chance' | The Asia Trade 8/4/2026

Watch on YouTube ↗  |  August 04, 2026 at 03:00  |  1:35:05  |  Bloomberg Markets
Speakers
Mark Cranfield — Cross Asset Strategist, Bloomberg
Shusuke Yamada — Japan FX and Rates Strategist, BofA Global Research
Ron Temple — Chief Market Strategist, Lazard
Tatsuo Yoshida — Senior Auto Analyst, Bloomberg Intelligence
Anthony Stevens — Bloomberg Market Producer
Shery Ahn — Anchor, Bloomberg Television
Juliana Lou — Opinion Columnist, Bloomberg
Russell Ward — Senior Editor, Bloomberg
Mona Yacoubian — Director, Middle East Program, CSIS
Haidi Stroud-Watts — Anchor, Bloomberg

Summary

This episode of The Asia Trade centers on the Japanese yen's volatile swings amid joint US-Japan intervention and speculation over further official action. Analysts debate the yen's path, with BofA's Yamada targeting low 150s while Lazard's Temple sees 145. The show also covers the US-Iran tensions weighing on oil, a rotation from semiconductors to hyperscalers, Nissan's turnaround and Mitsubishi's miss, and slumping iron ore prices.

  • Yen under pressure after joint US-Japan intervention; key 155 level not yet broken
  • BofA’s Shusuke Yamada sees yen strengthening to low 150s on intervention toolkit and improving balance of payments
  • Lazard’s Ron Temple forecasts dollar-yen at 145 in two years and advocates for EM equities and currencies
  • Market rotation from AI chip names to US hyperscalers like Microsoft, Meta, Amazon
  • Nissan turnaround shows progress; Mitsubishi Motors volumes remain very weak
  • Iron ore hits one-year low amid Chinese steel slowdown and Radiant World concerns
  • China hyperscalers Alibaba, Tencent, Baidu outperform with rotation dynamics similar to US
  • Japanese automakers explore parts standardization to cut costs and compete with Chinese rivals
Ideas
Mark Cranfield Cross Asset Strategist, Bloomberg 3:08
Yen to weaken without BOJ action
The coordinated US-Japan intervention and the FIMA repo facility remove intervention limits, and Japan's balance of payments is improving. The market should recognize this and push dollar-yen to the low 150s; BofA shifted its bearish yen view to constructive.
FXY HIGH
Tatsuo Yoshida Senior Auto Analyst, Bloomberg Intelligence 36:16
Nissan turnaround gaining traction
Nissan's restructuring is paying off, with fixed-cost actions already boosting first-half earnings and growth expected to drive the second half. The turnaround remains on track despite weak China sales.
7201.T MED
Anthony Stevens Bloomberg Market Producer 42:47
US hyperscalers outperform as structural AI
The market is rotating from semis to hyperscalers, viewing hyperscalers as structural AI plays with strong cash positions and spending commitments. Names like Microsoft, Meta and Amazon are outperforming and resemble domestic US growth stories.
MSFT META AMZN MED
Ron Temple Chief Market Strategist, Lazard 55:14
EM equities and currencies to outperform
The dollar is poised to depreciate over the next several years. Emerging market equities trade at 10x earnings (half the S&P 500), are under-owned, and offer diversified growth. EM currencies should also appreciate as the dollar weakens.
EEM EMLC MED
Anthony Stevens Bloomberg Market Producer 76:42
China hyperscalers outperform on rotation
China's hyperscalers Alibaba, Tencent and Baidu are performing well, breaking out of moving averages, as the market rewards their ability to optimize limited resources and offers a similar rotation trade seen in US tech.
BABA BIDU 0700.HK MED
Juliana Lou Opinion Columnist, Bloomberg 89:21
Auto parts standardization benefits Japan automakers
Japanese automakers' initiative to standardize thousands of parts will sharply cut costs and improve competitiveness versus Chinese rivals, providing a significant positive for the sector's profitability and supply chains.
JPXN MED
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This Bloomberg Markets video, published August 04, 2026, features Mark Cranfield, Tatsuo Yoshida, Anthony Stevens, Ron Temple, Juliana Lou discussing FXY, 7201.T, MSFT, META, AMZN, EEM, EMLC, BABA, BIDU, 0700.HK, JPXN. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mark Cranfield, Tatsuo Yoshida, Anthony Stevens, Ron Temple, Juliana Lou  · Tickers: FXY, 7201.T, MSFT, META, AMZN, EEM, EMLC, BABA, BIDU, 0700.HK, JPXN