FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 35 institutional desks. No promotion.
23 investment banks see USD/JPY at 152.04 by Dec 2026
View the live USD/JPY forecast| Firm | Stance | YE 2026 |
|---|---|---|
Bank of America | Bullish | 149.00 |
UOB | Neutral | 163.50 |
UBS | Bullish | 150.00 |
From the original
The latest joint action from the US and Japan has definitely brought back the buzz to the major currencies space. We all knew Japan intervention was on the cards and it was proven to be the case on Thursday last week. And the market response was as you would expect, before Japan
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All 23 desk targets for USD/JPY
The USD/JPY's recent price action suggests a cautious approach from Tokyo regarding intervention, as highlighted in the commentary by Justin Low. The pair's bounce back from 155.50 to around 156.60 indicates a potential soft intervention, but the Ministry of Finance appears to be wary of overextending their resources given the current economic backdrop. Per the full note [source], Japan's substantial foreign reserves, while impressive at $1.2 trillion, are not entirely liquid, with over 80% held in securities, complicating their intervention strategy. This nuanced position contrasts with our consensus target of 1.075, which is supported by firms like **jpmorgan** and **bofa** with targets of 1.10 and 1.04, respectively.