External broker reports(aggregated public sources), Mizuho

Mizuho

External broker reports(aggregated public sources)

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FX & Rates

The Japanese yen is the official currency of Japan. 

<ul><li>USD/JPY continued to rise in November</li><li>Reflationary expectations are strengthening under the Takaichi administration, thanks also to the unrestrained rhetoric of those around the prime minister</li><li>Unless there is a clear shift in the government and ruling party’s fiscal and monetary policies, market participants have little reason to stop selling JPY and JPY­ denominated bonds</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

USD/JPY continued to rise in NovemberReflationary expectations are strengthening under the Takaichi administration, thanks also to the unrestrained rhetoric of those around the prime ministerUnless there is a clear shift in the government and ruling party’s fiscal and monetary policies, market participants have little reason to stop selling JPY and JPY­ denominated bondsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>In Japanese monetary policy, the Bank of Japan (BOJ) kept policy rate fixed when it met in October.</li><li>In his press conference, BOJ governor Kazuo Ueda voiced more conviction that the BOJ would hit its price stability target, though he said the BOJ would need to monitor next spring’s wage negotiations and other factors to gain a clearer picture of wage trends, with the governor continuing to adopt a cautious stance when it came to the timing of rate hikes.</li><li>The next meeting in December is some way off and investors are unlikely to start pricing in rates hikes in November, so Japanese monetary policy will support yen selling this month. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Japanese monetary policy, the Bank of Japan (BOJ) kept policy rate fixed when it met in October.In his press conference, BOJ governor Kazuo Ueda voiced more conviction that the BOJ would hit its price stability target, though he said the BOJ would need to monitor next spring’s wage negotiations and other factors to gain a clearer picture of wage trends, with the governor continuing to adopt a cautious stance when it came to the timing of rate hikes.The next meeting in December is some way off and investors are unlikely to start pricing in rates hikes in November, so Japanese monetary policy will support yen selling this month. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>USD/JPY continued to rise in October, driven solely by the inauguration of the Sanae Takaichi administration and the resulting rise in reflation expectations.</li><li>At the time of writing this report, no definite information regarding the Takaichi administration’s economic policies has been released, making it possible that market movements are expectations-driven.</li><li>However, it is undeniable that downward pressure on JPY remains strong. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

USD/JPY continued to rise in October, driven solely by the inauguration of the Sanae Takaichi administration and the resulting rise in reflation expectations.At the time of writing this report, no definite information regarding the Takaichi administration’s economic policies has been released, making it possible that market movements are expectations-driven.However, it is undeniable that downward pressure on JPY remains strong. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The US dollar is the official currency of the United States of America.

<ul><li>The dollar/yen pair is expected to continue to float in a range around 146-148 yen in October.</li><li>The US has released some more bearish employment indicators, but inflation also remains high on President Trump’s tariff policies.</li><li>Some FRB members have indicated they will vote for further rate cuts when the FOMC meets in October. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The dollar/yen pair is expected to continue to float in a range around 146-148 yen in October.The US has released some more bearish employment indicators, but inflation also remains high on President Trump’s tariff policies.Some FRB members have indicated they will vote for further rate cuts when the FOMC meets in October. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>USD/JPY remained stable in September. Despite a significant deterioration in U.S. job data, the resulting resumption of Fed rate cuts, the Trump administration’s undermining of the Fed’s independence, and other factors driving USD selling, JPY has yet to recover.</li><li>While many other currencies gain against USD, JPY remains weak. The BOJ’s monetary policy has clearly become more hawkish, with a rate hike expected as early as October.</li><li>However, despite the narrowing of the U.S.-Japan interest-rate gap led by an increase in JPY interest rates, USD/JPY has not fallen. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

USD/JPY remained stable in September. Despite a significant deterioration in U.S. job data, the resulting resumption of Fed rate cuts, the Trump administration’s undermining of the Fed’s independence, and other factors driving USD selling, JPY has yet to recover.While many other currencies gain against USD, JPY remains weak. The BOJ’s monetary policy has clearly become more hawkish, with a rate hike expected as early as October.However, despite the narrowing of the U.S.-Japan interest-rate gap led by an increase in JPY interest rates, USD/JPY has not fallen. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mizuho
External broker reports(aggregated public sources)

Forex Medium-Term Outlook(Dec, 2025)

Reflationary expectations are strengthening under the Takaichi administration, thanks also to the unrestrained rhetoric of those around the prime...

Mizuho

Mizuho Dealer's Eye (Nov, 2025)

The next meeting in December is some way off and investors are unlikely to start pricing in rates hikes in November, so Japanese monetary policy...

Mizuho

Forex Medium-Term Outlook(Nov, 2025)

USD/JPY continued to rise in October, driven solely by the inauguration of the Sanae Takaichi administration and the resulting rise in reflation...

Mizuho

Mizuho Dealer's Eye (Oct, 2025)

The US has released some more bearish employment indicators, but inflation also remains high on President Trump’s tariff policies.

Mizuho

Forex Medium-Term Outlook(Oct, 2025)

While many other currencies gain against USD, JPY remains weak. The BOJ’s monetary policy has clearly become more hawkish, with a rate hike...

Mizuho