According to Jinshi Data, the latest survey of global fund managers by Bank of America shows that despite the recent sharp rise of the yen against the US dollar, most investors still believe that the yen is undervalued. The survey shows that 63% of investors believe that the yen is undervalued in August, compared with 72% in July. The rise of the yen is supported by the general risk aversion sentiment supporting safe-haven assets and the decision of the Bank of Japan to raise interest rates at its July meeting and signal further rate hikes.