In view of analysts at Westpac, the recent strength in JPY looks to have come primarily as a result of increased concern over the global economy amongst investors, with the Yen’s gains having partly reversed to 110.46 since – coincident to the broad move in market confidence.
“Ahead, in line with our FOMC call and on the assumption that global growth risks do not intensify, we look for a brief rise in the USD/JPY cross to JPY113 in mid–2019 followed by a reversal to JPY112 end–2019, then JPY106 end–2020.”
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