USD/JPY on approach to 159! How you left, Ministry of Finance?
USD/JPY — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
Rabobank | Bullish | 145.00 |
ING | Bullish | 152.00 |
MUFG | Bullish | 152.00 |
All 25 desk targets for USD/JPY
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Despite the suspected Japanese FX intervention totalling around $65 billion , USD/JPY climbing steadily back. - Japan's currency intervention mechanism sits at the intersection of fiscal and monetary authority in a way that is unlike most other developed economies. The power to i
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4 itemsUSD/JPY continues to poke and prod at intervention strike zone
Intervention fears to continue to help keep a lid on USD/JPY upside - Credit Agricole
The desk anticipates continued intervention risks from Tokyo officials will likely limit the upside potential for USD/JPY around the 162 level. Per the full note from Credit Agricole, the Ministry of Finance (MOF) possesses sufficient foreign exchange reserves, allowing for over 15 interventions akin to those in April and May. Given Japan’s economic strategy, which benefits from a weaker yen to enhance exports and corporate profits, the likelihood of USD/JPY moving above 164 appears contained for the foreseeable future. This sentiment is echoed in forecasts by Goldman Sachs, which suggest that ongoing upward pressure on USD/JPY may persist, albeit restrained by potential interventions.
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