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- USD/JPY: Few opportunities for the yen to recover in the near-term – Commerzbank
USD/JPY: Few opportunities for the yen to recover in the near-term – Commerzbank
USD/JPY rose to almost 145 on Wednesday and is aiming for the 150 mark. Economists at Commerzbank believe that the Japanese yen is unlikely to recover.
Bank of Japan has no choice but to threaten interventions against a weak yen
“The BoJ and the Ministry of Finance have no choice but to threaten interventions against a weak yen. However, as long as the BoJ maintains its monetary policy while the process of normalisation continues in the other currency areas these interventions will only remain a leaning against the wind and a drop in the ocean.”
“Short-term, I see few opportunities for the yen to recover – with the exception of brief periods of price corrections. Other central banks would have to consider renewed rate cuts as a result of reduced inflation momentum for that to happen. That is only likely to happen next year. In my view, the yen remains the largest underperformer this year as a result.”
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