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 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><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 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