FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 38 institutional desks. No promotion.
The summary confirms that the June hike was not a close call for the majority, with most board members framing the move as both appropriate and overdue given the distance between the policy rate and the estimated neutral rate of around 2%. The explicit mention of a neutral rate t
| Firm | Stance |
|---|
| YE 2026 |
|---|
UOB | Bearish | 159.60 |
Bank of America | Bullish | 149.00 |
Rabobank | Bullish | 145.00 |
All 22 desk targets for USD/JPY
Desk synthesis pending
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USD/JPY trades 2.71% above the 24-firm Dec-26 consensus of 154.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.
Spot USD/JPY trades 2.81% above the 24-firm Dec-26 consensus of 154.0, with a 25.5-figure dispersion exposing deep disagreement on the BoJ rate path.
USD/JPY trades 2.65% above the 24-firm Dec-26 median of 154.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.
22 investment banks see USD/JPY at 154.17 by Dec 2026
View the live USD/JPY forecast