We've reached an impasse on the Japanese yen trade
What a strange time we live in. Treasury Secretary Scott Bessent obviously leaked this picture last week ahead of yen intervention, then actually followed through late in the day. I don't know what the point of leaking it was but the market isn't exactly sure what to do next. The
USD/JPY — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
Bank of America | Bullish | 149.00 |
UOB | Neutral | 163.50 |
UBS | Bullish | 150.00 |
All 23 desk targets for USD/JPY
Desk synthesis pending
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Cross-firm research
USD/JPY at 158.46: Consensus Targets 150 by Dec-2026
USD/JPY trades 5.64% above the 23-firm Dec-2026 consensus of 150.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.
USD/JPY Consensus Check: Spot at 157.74, Dec-26 Median 150.0 — Week of August 6, 2026
USD/JPY trades 5.16% above the 23-firm Dec-2026 median of 150.0, with a 25.5-point dispersion range signalling deep disagreement on the BoJ-Fed spread path.
USD/JPY Consensus Check: Spot at 157.68, Dec-26 Target 150.0 — Week of August 4, 2026
USD/JPY trades at 157.68, roughly 5.1% above the 23-firm Dec-26 consensus of 150.0, with a 25.5-point dispersion signalling deep disagreement on the BoJ rate path.