External broker reports(aggregated public sources), Mizuho

Mizuho

External broker reports(aggregated public sources)

Mizuho Bank is a leading global bank with one of the largest customer bases in Japan, and an extensive international network covering financial and business centers around the world. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>The dollar/yen pair is expected to slide in September</li><li>The pair was swayed by the contents of the Trump administration’s tariff policies after the tariffs came into force, but this trend will ease off in September, with attention instead focusing on US and Japanese monetary policy</li><li>There are growing fears that the employment situation is deteriorating in the US, with the FOMC likely to begin lowering rates again in September with a -25bp rate cut</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 slide in SeptemberThe pair was swayed by the contents of the Trump administration’s tariff policies after the tariffs came into force, but this trend will ease off in September, with attention instead focusing on US and Japanese monetary policyThere are growing fears that the employment situation is deteriorating in the US, with the FOMC likely to begin lowering rates again in September with a -25bp rate cutContent 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 rise gained momentum in July</li><li>Before the House of Councillors election, financial markets were focused on the possibility of a major defeat for the LDP and Komeito, leading to the resignation of the Ishiba administration and political instability</li><li>This was ruled out when Prime Minister Ishiba announced he would continue in office</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 rise gained momentum in JulyBefore the House of Councillors election, financial markets were focused on the possibility of a major defeat for the LDP and Komeito, leading to the resignation of the Ishiba administration and political instabilityThis was ruled out when Prime Minister Ishiba announced he would continue in officeContent 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.

External broker reports(aggregated public sources), Scotiabank

Scotiabank

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>USDJPY has rolled over from the upper end of its recent range and the balance of risk favors further near-term downside as we approach the next BoJ policy decision on July 31.</li><li>Recent events have paved the way for USDJPY weakness (JPY strength) following the successful conclusion of US/Japan trade negotiations and the passing of Japan’s upper house election on July 20, key risk events that had kept the BoJ on the sidelines as they waited to resume their policy tightening.</li><li>Japan’s upper house elections had been seen as a major impediment to US/Japan talks and their passing allowed for negotiators to resume discussions with their US counterparts. </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.

USDJPY has rolled over from the upper end of its recent range and the balance of risk favors further near-term downside as we approach the next BoJ policy decision on July 31.Recent events have paved the way for USDJPY weakness (JPY strength) following the successful conclusion of US/Japan trade negotiations and the passing of Japan’s upper house election on July 20, key risk events that had kept the BoJ on the sidelines as they waited to resume their policy tightening.Japan’s upper house elections had been seen as a major impediment to US/Japan talks and their passing allowed for negotiators to resume discussions with their US counterparts. 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.

FX Snapshot - USDJPY—Stay Bearish Into July 31 BoJ Meeting

<ul><li>We are bearish USDJPY and maintain our forecast for meaningful weakness (JPY strength) on the basis of fundamentals.</li><li>The outlook for relative central bank policy is bullish for the JPY as we look to continued tightening from the Bank of Japan (BoJ) and renewed easing from the Fed.</li><li>The anticipated narrowing in US-Japan rates is a core component of our USDJPY view, and we hold a year end 2025 target of 135 and a year end 2026 target of 125. </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.

We are bearish USDJPY and maintain our forecast for meaningful weakness (JPY strength) on the basis of fundamentals.The outlook for relative central bank policy is bullish for the JPY as we look to continued tightening from the Bank of Japan (BoJ) and renewed easing from the Fed.The anticipated narrowing in US-Japan rates is a core component of our USDJPY view, and we hold a year end 2025 target of 135 and a year end 2026 target of 125. 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.

FX Snapshot - Fundamentals And Technicals Favor USDJPY Weakness

<ul><li>The dollar/yen pair will move erratically in July as the deadline for tariff negotiations looms, but there is not much momentum for dollar buy-backs, so the pair will probably trade with a heavy topside for a prolonged period</li><li>The postponement of the Trump administration’s reciprocal tariffs will end on July 9, with trade talks between the US and other nations like Japan set to wrap up before this date</li><li>Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick have made several announcements about the closeness of deals with other countries</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 will move erratically in July as the deadline for tariff negotiations looms, but there is not much momentum for dollar buy-backs, so the pair will probably trade with a heavy topside for a prolonged periodThe postponement of the Trump administration’s reciprocal tariffs will end on July 9, with trade talks between the US and other nations like Japan set to wrap up before this dateTreasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick have made several announcements about the closeness of deals with other countriesContent 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.

Japan

The Japanese yen is the official currency of Japan. 

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JPY (USDJPY CURNCY)

Mizuho Dealer's Eye (Sep, 2025)

There are growing fears that the employment situation is deteriorating in the US, with the FOMC likely to begin lowering rates again in September...

Mizuho

Forex Medium-Term Outlook(Aug, 2025)

USD/JPY rise gained momentum in July. Before the House of Councillors election, financial markets were focused on the possibility of a major defeat...

Mizuho

FX Snapshot - USDJPY—Stay Bearish Into July 31 BoJ Meeting

USDJPY has rolled over from the upper end of its recent range and the balance of risk favors further near-term downside as we approach the next BoJ...

Scotiabank

FX Snapshot - Fundamentals And Technicals Favor USDJPY Weakness

The anticipated narrowing in US-Japan rates is a core component of our USDJPY view, and we hold a year end 2025 target of 135 and a year end 2026...

Scotiabank

Mizuho Dealer's Eye (July, 2025)

he postponement of the Trump administration’s reciprocal tariffs will end on July 9, with trade talks between the US and other nations like Japan...

Mizuho

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