Bank of America Securities has revised its outlook on the Japanese yen, moving from a bearish to a neutral stance and lowering its 2026-end USDJPY forecast to 152 from 157.
The bank highlights that while the yen has softened toward the 160 level, improving structural fundamentals could support a less negative view.
At least two specific catalysts could push the bank to an outright bullish position: Japan’s 10-year government bond yield approaching 3%, or Brent crude falling below $90 per barrel.
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