March 9, 2016 / 5:02 PM / a year ago

BlackRock's Rieder "reversed" trade that shorted dollar while favoring yen

NEW YORK, March 9 (Reuters) - BlackRock Inc's chief investment officer of global fixed income Rick Rieder said Wednesday his team cut a February position they held shorting, or betting against, the U.S. dollar while betting on Japanese yen appreciation.

Now, he said, "we have reversed" and are now favoring the U.S. dollar.

Rieder, who said he does not believe U.S. stocks are undervalued, said his team has increased its portfolios' exposure to high-yield debt and emerging markets to boost yields as fixed-income markets are starved by low, and in some cases, negative rates. (Reporting by Trevor Hunnicutt; Editing by Chizu Nomiyama)

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