FXstreet.com (Barcelona) - Going forward, Bank of Tokyo-Mitsubishi UFJ believes "the core range of the USD/JPY in 1Q and 4Q 2013 to be at the 85-90 level and in 2-3Q2013 to be at the 80-85 level based on effective exchange rates" the bank says.

The bank notes that "the foreign direct investment outflows will limit JPY appreciation risk, though the flows will not be a driving force of JPY depreciation..."