The Japanese yen was the weakest G10 currency in 2021. In 2022, JPY has scope to depreciate into a 115-120 range per USD, economists at DBS Bank report.

BoJ to spend more time discussing than moving to phase out its pandemic measures

“In sharp contrast to abovetrend inflation in Western countries, Japan is a long way from achieving its 2% inflation target. Our economists forecast low CPI inflation of 0.5% in 2022 and 2023.”

“The central bank (BoJ) is likely to spend more time discussing than moving to phase out its pandemic measures. Barring any economic shocks that render the JPY a safe-haven.”

“JPY to depreciate between 115 and 120 per USD in 2022.”