But some market analysts warned of a cap on the rise in the yen value even after the BOJ’s rate hikes, citing Japan’s fragile economic recovery on top of the US Federal Reserve’s rate changes.“While the Fed and the BOK will likely cut rates this year, the BOJ is expected to shift toward monetary tightening, boding well for a recovery of the yen value against the won,” said Park Sang-hyun, an economist at Hi Investment & Securities Co.“(But) the yen’s rebound is expected to be capped around the low 900 won level amid the solid recovery of Korea’s exports with (strong sales of) chips.”The BOJ on Tuesday ended eight years of negative interest rates after hiking Japan’s rate for the first time in 17 years.
South Korean retail investors, hunting for bargains, have flocked to shovel in the Japanese currency hovering around its record low value in anticipation of an end to the Bank of Japan’s negative rate policy in eight years, but their investment return is warned to be lower than expected due to the BOJ's still dovish stance.
As the country’s total resident foreign currency savings last month shrank $1.97 billion to $96.13 billion, the yen-denominated deposits accounted for 10.3%, marking the first time the yen savings have ever exceeded the 10% threshold in the country's total resident foreign currency savings.
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