FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 37 institutional desks. No promotion.
The data offers no fresh catalyst for USD/JPY, with headline and core CPI both landing in line with forecasts, leaving the pair little changed. The more notable signal is in the core-core measure, which slowed to its softest annual pace since August 2022 and undershot expectation
| 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
We’re writing the institutional analysis for this note — multi-section body, firm-by-firm alignment chips, key takeaways, market implications, risks. The synthesizer processes the queue hourly, with priority by citation density.
In the meantime, the most useful reads are the related coverage below — it reaches the same substance from different angles.
How we cover this story
USD/JPY trades 2.39% 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 trades 2.69% 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.
Spot USD/JPY trades 2.33% above the 24-firm Dec-26 consensus of 154.0, with a 25.5-point dispersion that reflects deep disagreement on the BoJ rate path and US 10-year trajectory.
22 investment banks see USD/JPY at 154.30 by Dec 2026
View the live USD/JPY forecast