FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 37 institutional desks. No promotion.
The data is dovish on the surface but the BoJ is unlikely to read it that way given the context. Subsidies are doing the work of keeping core below 2%, not underlying disinflation, and the PPI acceleration since March is the more forward-looking signal for where consumer prices a
| 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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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