USD/JPY poll – forecasts as high as 140. Bank of Japan direct intervention looks unlikely,

  • median forecast was for 131 in six months’ time, compared with 126.84 in last month’s forecast
  • Seven of 61 respondents projected the yen to be at a weaker level than that six months from now, including four forecasting it to be at 140.

Japan was unlikely to intervene in the FX market to stop it from sliding, 45% of 22 poll respondents said.

  • “The BOJ will probably be forced to abandon the yield curve control policy in the coming months if JPY depreciates further. However, direct intervention looks unlikely,” said Roberto Cobo Garcia, head of FX strategy at BBVA.

Ten of 22 poll respondents said Japan would not intervene.

  • six respondents predicted intervention at the 140
  • four chose 145 as the likely trigger level
  • One selected 150
  • another said 155 or weaker

USD/JPY update:

usdyen 07 July 2022 chart
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