It's not a risk hedge for US stocks
When yen appreciates, foreign capital will naturally withdraw and be exchanged for dollars. There is no way for foreigners to refuse delicious Japanese food that the Japanese government forcibly recommended.
The theory [it is better to buy Japanese stocks as a risk hedge for US stocks], which is often said on YouTube and X, has once again been proven to be an urban legend. In the first place, there is no way that Japanese stocks, which have a correlation of 0.6 or more with US stocks, would be a risk hedge.
Eventually, the decline in US stocks and the appreciation of the yen gave a double punch to Japanese stocks.
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