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- USD/JPY: Yen to gain ground all through 2024 – NBF
USD/JPY: Yen to gain ground all through 2024 – NBF
The Japanese Yen (JPY) has experienced notable swings on the back of US Dollar (USD) action and central bank commentary. Economists at the National Bank of Canada analyze USD/JPY outlook.
Raising rates while much of the world is set to ease could set up JPY for appreciation
The much-discussed abandonment of abnormal monetary policy (read: negative rates) has yet to materialize despite inflationary pressures.
The Bank of Japan is showing reticence to ditch loose policy until inflation is sustainably at 2%. That said, it is contending with an acceleration in wages which should put pressure on to normalize policy.
A first rate hike could occur in the Spring (perhaps April). As such, raising rates while much of the world is set to ease could set up the island nation currency for appreciation.
We see the Yen gaining ground all through 2024.
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