Strategists revise their forecasts for a stronger yen, as the Bank of Japan and the FRB clarify their policy stances.

September 2, 2024 8:56 JST (excerpt)
The reason for the forecast change is '90% Jackson Hole' and Macquarie.
The key is to continue watching the developments in the United States and the employment statistics for this weekend.
Following the additional rate hike by the Bank of Japan in July and the recent suggestion of a rate cut by the Federal Reserve Board (FRB), currency strategists are re-evaluating the direction of the yen exchange rate.
Before the Bank of Japan decides on an additional rate hike at the end of July, many strategists had warned that the yen, which had already appreciated by more than 10% against the dollar in the first half of this year, could further depreciate. Bank of America, ATF Global Markets, and Royal Bank of Canada had claimed as early as June that yen depreciation could not be stopped by Japan's currency intervention and that there was a possibility of surpassing 160 yen per dollar once again.