Stephen Jen Quoted in Bloomberg: “Stephen Jen Says Short Dollar Versus Yen If Iran War Intensifies”
Anya Andrianova, Bloomberg, March 27, 2026
In a recent article for Bloomberg, Anya Andrianova examines Stephen Jen’s view on how currency markets could respond if the conflict in the Middle East intensifies.
The article notes that while a broader risk-off move could support the U.S. dollar against many currencies, the Japanese yen may behave differently. As a traditional safe-haven currency, the yen could benefit if Japanese investors respond to global market weakness by repatriating capital.
Stephen Jen, CEO of Eurizon SLJ Capital, highlights the potential for a reversal in USD/JPY:
“I think short USD/JPY is my favorite trade, because I think the top is nearby,” he said in an interview.
The article also places this view in the context of Stephen’s “dollar smile” framework, which suggests the dollar tends to strengthen when the U.S. economy is either very strong or under significant stress. In this case, however, Japan’s large overseas asset position could create a different dynamic for the yen if global risk aversion intensifies.
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