FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 39 institutional desks. No promotion.
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
| Firm | Stance | YE 2026 |
|---|
UBS | Bearish | 160.00 |
Scotiabank | Bullish | 140.00 |
MUFG | Bearish | 159.00 |
All 25 desk targets for USD/JPY
Desk synthesis pending
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How we cover this story
USD/JPY trades 2.5% above the 25-firm Dec-26 consensus of 156.0, with a 30-figure dispersion that reflects irreconcilable views on the BoJ rate path and US 10-year yields.
USD/JPY trades 2.41% above the 25-firm Dec-26 consensus of 156.0, with a 30-point dispersion signalling deep disagreement on the BoJ-Fed spread path.
USD/JPY trades 1.38% above the 25-firm median Dec-26 target of 156.0, with a 30-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.
25 investment banks see USD/JPY at 155.16 by Dec 2026
View the live USD/JPY forecast