BOJ minutes show dissent for faster hikes as price risks skew higher
The minutes show the Bank of Japan's July hold was not unanimous, with board member Takata Hajime pushing for an immediate move to around 1.25% on the view that global inflation risks warranted a more nimble approach. The broader board leaned toward caution, wanting more time to
USD/JPY — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
MUFG | Bullish | 152.00 |
UBS | Bearish | 160.00 |
Scotiabank | Bullish | 140.00 |
All 22 desk targets for USD/JPY
Desk synthesis pending
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Cross-firm research
USD/JPY Consensus Check: Spot at 157.38, Target 154.0 — Week of September 30, 2026
USD/JPY trades 2.20% above the 24-firm Dec-26 consensus of 154.0, with a 25.5-point dispersion that reflects sharply divided BoJ and US rates views.
USD/JPY Consensus Check: Spot at 157.28, Median Target 154.0 — Week of September 29, 2026
USD/JPY trades 2.13% above the 24-firm median Dec-26 target of 154.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.
USD/JPY Consensus Check: Spot at 157.05, Dec-26 Target 154.0 — Week of September 28, 2026
USD/JPY trades at 157.05, nearly 2% above the 24-firm median Dec-26 target of 154.0, with a 25.5-point dispersion signalling deep disagreement on the BoJ-Fed spread path.