Asian Currencies Poised for Gains as Yen Continues Upward Climb

The yen's recent surge has sent shockwaves through Asian currencies, and strategists at Citigroup Inc. and Barclays Bank Plc are predicting a boost for several countries in the region.

The rally in the yen is largely due to Japan and the US intervening in the foreign-exchange market to prop up the currency, which had fallen to its lowest level since the 1980s.

According to Citigroup Inc. and Barclays Bank Plc, the South Korean won, Singapore dollar, and Thai baht are set to benefit from the gains in their Japanese counterpart.

The strategists at both banks pointed out that these currencies have relatively high correlations with the yen, which means they tend to move together in the market.