According to Jinshi, Matthew Hornbach, head of global macro strategy at Morgan Stanley, said that shorting Japanese government bonds is a major trade for global fund managers, and it is extremely unusual for both overseas and domestic investors to make similar bets. He said at an investor conference in Tokyo that the most concentrated and certain alpha position in global portfolios is underweight Japanese duration. Views on the yen are more diverse. Investors betting on a depreciation of the yen believe that the yen is at a carry disadvantage, while some believe that the yen is undervalued. Koichi Sugisaki, a macro strategist in Tokyo, said Morgan Stanley expects the yen to rise to 146 against the dollar by the end of the year and to 140 in the first half of 2025 as the Federal Reserve cuts interest rates.