What is the impact of the yen carry trade on earnings? Jefferies weighs in

Investing.com-- The Japanese yen firmed sharply over the past month as the Bank of Japan began raising interest rates, sparking a rapid unwinding in the yen carry trade that had spurred strong capital flows into broader risk-driven markets.

But further economic weakness in the U.S. economy could elicit more rate cuts and see USDJPY fall to as low as 120 yen, Jefferies said. Export-oriented sectors are likely to be the most impacted by this trend, while sectors with domestic exposure are likely to gain.indexes tumbled in early-August, with Jefferies stating that markets had currently priced in a 5% earnings downgrade, and a USDJPY level of 146.But despite the potential near-term impact of yen appreciation, Jefferies said that investors should overweight Japan if the cycle of yen strength remained persistent.

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