External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

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.

FX & Rates

<ul><li>We recently released our latest forecast update, in which we adjusted many of our G10 currency forecasts to reflect our increasingly bearish outlook for the broader USD.</li><li>Our USDJPY targets were left unchanged however, with the official forecast remaining at 135 for year-end 2025 and 125 for year-end 2026.</li><li>We see JPY strengthening (USDJPY falling) on the basis of several factors including longer-term valuation factors and anticipated shifts in the outlook for relative central bank policy.</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 recently released our latest forecast update, in which we adjusted many of our G10 currency forecasts to reflect our increasingly bearish outlook for the broader USD.Our USDJPY targets were left unchanged however, with the official forecast remaining at 135 for year-end 2025 and 125 for year-end 2026.We see JPY strengthening (USDJPY falling) on the basis of several factors including longer-term valuation factors and anticipated shifts in the outlook for relative central bank policy.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: Targeting 125 by Year End 2026

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Macroeconomics

<ul>
<li>As observed elsewhere, inflation in Japan is sticky and the country is importing a considerable amount of inflation due to its weakening currency.</li>
<li>While too early to tweak monetary policy again, to limit currency volatility as much as possible, hinting at a less accommodative policy now would be opportune.</li>
<li>The Japanese Finance Minister appears to be anticipating potential Yen intervention.</li>
</ul>


As observed elsewhere, inflation in Japan is sticky and the country is importing a considerable amount of inflation due to its weakening currency.
While too early to tweak monetary policy again, to limit currency volatility as much as possible, hinting at a less accommodative policy now would be opportune.
The Japanese Finance Minister appears to be anticipating potential Yen intervention.


Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>European peace optimism driving continental asset prices, especially equities, while Chinese tech stocks sizzle hot in Asia</li><li>US real yields impacting global risky asset markets, with Fed's dovish reaction function leading to plummeting real yields</li><li>Dollar likely to stay soggy in short term until potential FOMC hawkishness or tariff-related events reignite Trump trades and boost dollar bullishness, while yen strength may not be sustainable due to BOJ policy and yield spread factors.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

European peace optimism driving continental asset prices, especially equities, while Chinese tech stocks sizzle hot in AsiaUS real yields impacting global risky asset markets, with Fed's dovish reaction function leading to plummeting real yieldsDollar likely to stay soggy in short term until potential FOMC hawkishness or tariff-related events reignite Trump trades and boost dollar bullishness, while yen strength may not be sustainable due to BOJ policy and yield spread factors.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: Fed, not trade, is weighing on the dollar

<ul><li>Discussion on potential tariffs and their impact on global markets, with a focus on Canada, China, and Mexico</li><li>Analysis of the upcoming BOJ meeting and its potential impact on the Japanese yen</li><li>Update on UK's economic challenges, including concerns about fiscal math and potential trade war implications</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Discussion on potential tariffs and their impact on global markets, with a focus on Canada, China, and MexicoAnalysis of the upcoming BOJ meeting and its potential impact on the Japanese yenUpdate on UK's economic challenges, including concerns about fiscal math and potential trade war implicationsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: What to expect when you are expecting inauguration

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Monthly deep-dive into price and vol metrics across Global indexes and macro assets.</li>
<li>In-Depth look at the current state of the markets as well as how volatility and price may unfold.</li>
<li>We highlight strong seasonal trends in April, with all markets typically rising and realized vol typically coming in below implied.</li>
</ul>


Monthly deep-dive into price and vol metrics across Global indexes and macro assets.
In-Depth look at the current state of the markets as well as how volatility and price may unfold.
We highlight strong seasonal trends in April, with all markets typically rising and realized vol typically coming in below implied.


April Global Macro Volatility: Strong Price and Vol Seasonals

Japan

The Japanese yen is the official currency of Japan. 

Price Gauge
52-week Range	0.00 - 0.00
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JPY (USDJPY CURNCY)

FX Snapshot - USDJPY: Targeting 125 by Year End 2026

We recently released our latest forecast update, in which we adjusted many of our G10 currency forecasts to reflect our increasingly bearish...

Scotiabank

USDJPY - An Opportunistic Currency Trade

New Currency Trade Idea. We are initiating an opportunistic long position in the Japanese Yen against the US dollar as the USDJPY exchange rate...

Jeroen Blokland

Global FX: Fed, not trade, is weighing on the dollar

Investors are optimistic about European peace, driving up continental asset prices and boosting equities, with Chinese tech stocks outpacing the...

At Any Rate

Global FX: What to expect when you are expecting inauguration

This podcast episode analyzes the potential impacts of Trump administration's tariff plans, differences within the cabinet, market speculation on...

At Any Rate

April Global Macro Volatility: Strong Price and Vol Seasonals

Analysis of price and volatility metrics across global indexes and macro assets, showing strong seasonal trends in April with markets rising and...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FX Snapshot - USDJPY: Targeting 125 by Year End 2026

We recently released our latest forecast update, in which we adjusted many of our G10 currency forecasts to reflect our increasingly bearish...

Scotiabank

USDJPY - An Opportunistic Currency Trade

New Currency Trade Idea. We are initiating an opportunistic long position in the Japanese Yen against the US dollar as the USDJPY exchange rate...

Jeroen Blokland

Global FX: Fed, not trade, is weighing on the dollar

Investors are optimistic about European peace, driving up continental asset prices and boosting equities, with Chinese tech stocks outpacing the...

At Any Rate

Global FX: What to expect when you are expecting inauguration

This podcast episode analyzes the potential impacts of Trump administration's tariff plans, differences within the cabinet, market speculation on...

At Any Rate

April Global Macro Volatility: Strong Price and Vol Seasonals

​Analysis of price and volatility metrics across global indexes and macro assets, showing strong seasonal trends in April with markets rising and...

John Ley

Analysis of price and volatility metrics across global indexes and macro assets, showing strong seasonal trends in April with markets rising and...