USD/JPY is likely to hold above its pre-pandemic levels
“As risk appetite returns and investors look for growth opportunities across the world, it seems inevitable that we will see a material retracement of recent yen weakness. However, even as major central banks cut policy rates from end-2023, USD/JPY is likely to hold above its pre-pandemic levels with a wide interest rate and inflation differential to persist.”
“We look for USD/JPY to fall to 132 end-2023 and 128 mid-2024.”
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