The Japanese yen is once again acting as a safe haven as growth concerns replace inflation fears
USD: The US dollar has recently been driven mainly by growth concerns rather than inflation fears. In fact, despite hotter US inflation data last week, Treasury yields dropped significantly and rate hike probabilities saw a slightly dovish repricing. Given the overstretched long
USD/JPY — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
UBS | Bearish | 160.00 |
ING | Bullish | 152.00 |
Société Générale | Bearish | 160.00 |
All 24 desk targets for USD/JPY
Desk synthesis pending
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Cross-firm research
USD/JPY at 156.76: Consensus Targets 153.0, Dispersion Hits 25.5
USD/JPY trades 2.46% above the 25-firm Dec-26 consensus of 153.0, with a 25.5-point dispersion reflecting deep disagreement on the BoJ rate path and US 10-year trajectory.
USD/JPY Consensus Check: Spot at 158.04, Median Target 153 — Week of October 21, 2026
USD/JPY trades 3.3% above the 25-firm median Dec-26 target of 153.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ path.
USD/JPY Consensus Check: Spot at 158.15, Median Target 153.0 — Week of October 20, 2026
USD/JPY trades 3.37% above the 25-firm median Dec-26 target of 153.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.