Australian Retirement Trust Fund increases holdings of Japanese yen and reduces holdings of US Treasury bonds

The Australian Retirement Trust (ART), which manages assets of approximately AUD 370 billion (USD 265 billion), has continued to increase its holdings in the Japanese yen over the past six months and has increased its position as the yen approaches USD 160, while reducing its exposure to the US dollar. Jimmy Louca, Senior Portfolio Manager at the Australian Retirement Trust (ART), stated that the market overestimated the suppression of energy prices on the yen and underestimated the possibility of the Bank of Japan raising interest rates. The Australian Retirement Trust (ART) currently has a low allocation of about 0.5 percentage points to US treasury bond bonds. Jimmy Louca expects that the yield of 30-year US bonds may rise to 5.5%.