When traders want to know which way stocks are headed, they look to the Japanese yen.
Top strategists on Wall Street say the yen is set to weaken a lot further this year, and that should be a bullish sign for stocks, even with the S&P at record heights.
The dollar currently is trading at 102 versus the yen. Jens Nordvig of Nomura expects the rate to climb to 110 versus the yen in the second quarter and to 114 by year-end.
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