JPY/USD

JPY/USD at 5 year lows: According to Bloomberg consensus estimates, the greenback is expected to appreciate further against the yen going into 2014, with a mean forecast of ¥109 by 4Q14 versus current ¥103.68 spot rate. Counters with significant revenue exposure to JPY could continue to see some weakness. Notable counters with Yen exposure includes: Saizen REIT (100%) Croesus Retail Trust (100%) IPC (83%) Uni-Asia (74%) Singapore Shipping (46%) Global Logistic Properties (40%) ParkwayLife REIT (38%) Mapletree Logistics Trust (22%) Biosensors (20%) Yamada Green (19%) SATS (18%) China Fishery (17%) CapitaMalls Asia (13%) Ascott Reit (10%)