External broker reports(aggregated public sources), Mizuho

Mizuho

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External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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.

JPY

Forex Medium-Term Outlook(Dec, 2025)