SGD/Yen

SGD/Yen: Expect negative sentiment on SGX stocks that derive revenue in Yen, following the currecny’s drop to a 16 year low against the SGD. Some analysts have attributed the recent decline of the Yen to growing expectations that the US Fed could begin lifting interest rates sooner than forecast, and on growing speculations that the Bank of Japan (BOJ) will continue easing its monetary policy further. While BOJ governor Haruhiko Kuroda has repeatedly stressed that there is no further need to ease monetary policy now, he would not hesistate to ramp up the central’s bank’s asset purchases if necessary. The following counters derive a significant percentage of revenue from Japan. Note that the list is by no means comprehensive and does not take into account net hedging effects. Saizen REIT (100%), Croesus Retail Trust (100%), IPC (83%), Uni-Asia (74%), Singapore Shipping (46%), ParkwayLife REIT (38%), Mapletree Logistics Trust (22%), Biosensors (20%), Yamada Green (19%), SATS (18%), China Fishery (17%), CapitaMalls Asia (13%), Ascott Reit (10%)