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.

External broker reports(aggregated public sources)

FX & Rates

<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><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>

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