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Mar 21 - 12:55 PM

USD/JPY: Excessive Supply Of JPY Into Summer; Now Targeting 123 In Q3 - BofA

By eFXdata  —  Mar 21 - 10:45 AM

Bank of America Global Research discusses its revised USD/JPY forecasts.

"We raise our above-consensus USD/JPY forecast - 123 by 3Q22 and 120 at year-end (vs 118 previous, 116 consensus).

"We except excess supply of JPY into summer: (1) energy imports, (2) university funds' investment, (3) policy divergence," BofA notes. 

Longer-term, stretched valuation and supply-led nature of energy price increase pose risk of a sharper JPY rebound in 2023," BofA adds. 

Source:
BofA Global Research

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