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>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.

<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.

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 appears poised to make a meaningful move lower.</li><li>Fundamentals are once again looking bullish for the yen with media reporting of a renewed sense of hawkishness at the BoJ.</li><li>Policymakers had paused their tightening cycle earlier this year, preferring to tread cautiously in an environment of trade policy uncertainty, bond market turbulence, and domestic political developments that included Japan’s upper house election in July. </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 appears poised to make a meaningful move lower.Fundamentals are once again looking bullish for the yen with media reporting of a renewed sense of hawkishness at the BoJ.Policymakers had paused their tightening cycle earlier this year, preferring to tread cautiously in an environment of trade policy uncertainty, bond market turbulence, and domestic political developments that included Japan’s upper house election in July. 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.

Downside Risk For USDJPY Targeting Near-Term Decline To 135-140 Area

Japan

The Japanese yen is the official currency of Japan. 

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JPY (USDJPY CURNCY)

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

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

Downside Risk For USDJPY Targeting Near-Term Decline To 135-140 Area

USDJPY appears poised to make a meaningful move lower. Fundamentals are once again looking bullish for the yen with media reporting of a renewed...

Scotiabank

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