FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 37 institutional desks. No promotion.
FUNDAMENTAL OVERVIEW USD: The US dollar weakened across the board yesterday following surprisingly dovish comments from Fed Governor Waller . While he adopted a more hawkish stance at the beginning of the summer, yesterday he sounded less inclined to raise rates. He said that he
| 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
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.
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 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.
22 investment banks see USD/JPY at 154.30 by Dec 2026
View the live USD/JPY forecast