Yen as ‘Winner’ Currency Makes Little Sense, Commerzbank Says

July 6 Commerzbank AG said it’s skeptical the yen will emerge as the “winner” against the dollar and the euro because the economic slump in Japan is as severe as it is in Europe and the U.S.
“In the current situation this makes particularly little sense,” a team led by Ulrich Leuchtmann in Frankfurt wrote today in a report. “The fundamental situation in Japan is at least as depressed as in the U.S. and in the euro zone. The green shoots in Japan are much more fragile.”
The yen rose 1.3 percent to 132.49 per euro as of 12:26 p.m. in London and strengthened 0.7 percent against the dollar to 95.34.