BOJ July meeting Summary: Board split on pace of hikes as inflation nears 2pc target
The most tradeable signal here is the explicit view from at least one Board member that the pace of hikes could run faster than markets currently expect, which argues for a firmer yen and higher JGB yields if that camp gains the upper hand at the next meeting. The oil linkage cut
USD/JPY — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
Société Générale | Bullish | 150.00 |
Scotiabank | Bullish | 140.00 |
Commerzbank | Bearish | 160.00 |
All 23 desk targets for USD/JPY
Desk synthesis pending
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Sources & References
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Cross-firm research
USD/JPY Consensus Check: Spot at 159.32, Median Target 152.0 — Week of August 16, 2026
USD/JPY trades 4.82% above the 23-firm median Dec-26 target of 152.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ rate path.
USD/JPY at 159.52: Consensus Targets 152.0, Dispersion Spans 25.5 Figures
USD/JPY trades 4.95% above the 23-firm Dec-26 consensus of 152.0, with a 25.5-figure spread between Nomura's 165.5 ceiling and Scotiabank's 140.0 floor.
USD/JPY Consensus Check: Spot at 159.41, Median Target 152.0 — Week of August 12, 2026
USD/JPY trades 4.88% above the 23-firm median Dec-26 target of 152.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.