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- USD/JPY: Scope for a substantial rise to 120.00 – ING
USD/JPY: Scope for a substantial rise to 120.00 – ING
USD/JPY has been trading up to 116.00. Economists at ING believe that the pair could surge as high as 120.00.
BoJ will be the last to embrace a stronger currency
“Unlike many nations embracing currency strength to ride out the inflation hump, Japanese policymakers have shown little resistance to JPY weakness.”
“Given its battle with deflation, arguably Japan could do with some imported inflation and the BoJ’s recent shift to a balanced view on inflation risks still leaves it several years from tightening.”
“Fossil fuels make up around 85% of Japan’s energy consumption – all imported. Terms of trade losses and 2% US yields favour 120.”
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