1. Overall view
The weekly index is 62, slightly favorable.
2. FX
The yen strengthened roughly 2%, taking USD/JPY to 156.19 and reducing the entry advantage from a week earlier.
3. Property
Transaction activity remains strong, while prime yields remain compressed.
4. Exit and macro
Higher rate expectations make the 3-5 year exit outlook less comfortable.
5. USD/CNY investors
Purchasing power remains relatively strong but should not be assumed permanent.
6. Risks
Further yen appreciation, BOJ tightening and cap-rate expansion are key risks.
7. Conclusion
Prioritize property-level income fundamentals over FX alone.