Asia Pacific Equity Derivatives Strategy: Japan Thematic Rotation Trades Amid Yen Reversal Risk; Diversify into Korea Buybacks Amid AI Momentum Unwind

研报英文原文证据摘录

Asia Pacific Equity Derivatives Strategy: Japan Thematic Rotation Trades Amid Yen Reversal Risk; Diversify into Korea Buybacks Amid AI Momentum Unwind

J P M O R G A N Global Markets Strategy

30 July 2026

Asia Pacific Equity Derivatives

Strategy

Japan Thematic Rotation Trades Amid Yen Reversal

Risk; Diversify into Korea Buybacks Amid AI/

Momentum Unwind

• Japan Equity Hedges for a Potential USDJPY Reversal: With USDJPY Global Equity Derivatives Strategy

AC approaching our house 4Q26 target of 164, August looks like a key window for Tony SK Lee

episodic yen-strength risk. Rising JGB yields, fuelled by BoJ ratehike (852) 2800-8857

expectations and fiscal uncertainty, have brought renewed focus to GPIF’s tony.sk.lee@jpmorgan.com

end-June holdings release on 7 August, which could reinforce speculation J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

that policymakers are encouraging greater domestic demand for JGBs as part AC Haoshun Liu

of a broader effort to stabilize the rates market. Against a backdrop of elevated (852) 2800-7736

foreign ownership and crowded exposure to exporters and AI-related sectors, haoshun.liu@jpmorgan.com

a USDJPY reversal could drive meaningful equity rotation. Historically, J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Strong Yen (JPJBSYEN) and Importers (JPJBIMPO) have been the most

Xipu Han AC effective baskets in orderly yen-appreciation episodes, with both gaining as

(852) 2800-1029

investors rotate toward more domestic and defensive exposures; in faster de- xipu.han@jpmorgan.com

risking episodes such as the August 2024 carry unwind or April 2025 J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

“Liberation Day,” equity beta tends to dominate.