Morgan Stanley strategists believe that the yen's recent sharp appreciation is unlikely to disrupt popular arbitrage trading in emerging markets. A team led by James Lord, head of global foreign exchange and emerging markets strategy, wrote in a report that as long as no other factors drive up overall market fluctuations, such transactions should be sufficient to withstand the impact of the appreciation of the yen. They said that for arbitrage trading, what is more important are changes in overall foreign exchange market fluctuations, global economic growth and stock market prospects, and whether the developing world economy itself has attractive fundamental topics. They wrote that the impact of global economic growth, global stock market performance, and trends driven by individual fundamentals in major emerging markets is more important than the yen trend. They remain optimistic about this.

Morgan Stanley strategists believe that the yen's recent sharp appreciation is unlikely to disrupt popular arbitrage trading in emerging markets. A team led by James Lord, head of global foreign exchange and emerging markets strategy, wrote in a report that as long as no other factors drive up overall market fluctuations, such transactions should be sufficient to withstand the impact of the appreciation of the yen. They said that for arbitrage trading, what is more important are changes in overall foreign exchange market fluctuations, global economic growth and stock market prospects, and whether the developing world economy itself has attractive fundamental topics. They wrote that the impact of global economic growth, global stock market performance, and trends driven by individual fundamentals in major emerging markets is more important than the trend of yen. They remain optimistic about this.