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Jim O’Neill, Chairman of Goldman Sachs Asset Management, is feeling good about his bullish call on the dollar against the yen.Japan’s central bank recently announced a surprise move to expand its asset purchase program by 10 trillion yen, or around $129 billion. This caused the dollar to jump 1 per cent to 78.48 yen today.
In December, O’Neill highlighted just two currency trades: 1) short the franc against the euro and 2) long the dollar against the yen.
Specifically, he projected that the dollar could surge to 100 yen by the end of the year.
O’Neill told Dow Jones that the Bank of Japan’s surprise move made him “more confident” in his yen call.