Asia's rich told to buy yen as BOJ's negative rates backfire

Singapore

MONEY managers for Asia's wealthy families are favouring the yen as it benefits from the turmoil in global financial markets.

Credit Suisse Group AG is advising its private banking clients to buy the yen against the euro or South Korean won because the Japanese currency remains undervalued versus the US dollar.

Stamford Management Pte Ltd, which oversees US$250 million for Asia's rich, told clients the yen is set to strengthen to 110 against the greenback as soon as the end of this month. Singapo…