- USD/JPY: Any Yen selling over the near-term is unlikely to be sustained – MUFG
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11 December 2023
USD/JPY: Any Yen selling over the near-term is unlikely to be sustained – MUFG
USD/JPY dropped a large 2% last Thursday for the biggest one-day drop since January. Economists at MUFG Bank analyze Yen’s outlook.
Any near-term renewed JPY selling will not last
The JPY move last week is likely to be a key marker that signals a turn in the trend of JPY depreciation, in place since the global inflation shock saw USD/JPY break sharply higher in March 2022.
We don’t see a BoJ hike this month but any JPY selling over the near-term is unlikely to be sustained given the changes in the global macro backdrop.
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