ING THINK
FX Daily: Markets reluctant to price in more JPY interventions
USD/JPY — All Desk Targets
25 desks
| Firm | Stance | YE 2026 |
|---|---|---|
Rabobank | Bullish | 145.00 |
ING | Bullish | 152.00 |
MUFG | Bullish | 152.00 |
From the original
Implied volatility remains low in USD/JPY – like the rest of the G10. That is despite USD/JPY approaching the key 160.0 mark again at the start of a seasonally strong month. The bar may be higher than in April, but markets may be underpricing new intervention risk. Market drivers