Mizuho: Yen Behaving Like an Emerging-Market Currency, Not G10

Jordan Rochester, Mizuho's EMEA FICC strategy head, told Bloomberg Television that the Japanese yen is no longer behaving like a typical G10 currency. He said that based on all frameworks, the dollar-yen rate should be lower than it currently is. Rochester noted the yen now trades like an emerging-market currency in terms of its correlation to interest rates.