Report published September 25, 2026
JPY Outperforms as US Maintains Pressure on Japan: MUFG Daily FX Research
MUFG · September 25, 2026
The Japanese yen outperformed amid remarks from Tokyo officials signaling US backing against yen weakness and the demise of Abenomics reflationary policies. Meanwhile, the Swiss franc faces renewed downward pressure after the SNB delivered an unconcerned inflation message and declined to counter currency weakness.
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Finvaulta summarizes MUFG's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.The Japanese yen outperformed as Japanese officials signaled coordination with the US to counter yen weakness and confirmed the end of Abenomics reflationary policies.
- 2.The Swiss National Bank took a dovish stance by failing to push back against franc weakness and minimally adjusting medium-term inflation projections, clearing the path for further CHF selling.
- 3.Global fixed income found modest relief as crude oil fell over 1% on reports of potential US-Iran dialogue regarding the Strait of Hormuz.
Table of Contents
- JPY: Katayama reveals Trump's concerns over yen
- CHF: Further encouragement for selling the franc
- KEY RELEASES AND EVENTS
Report data
JAPAN'S MINERAL FUEL IMPORTS ARE RISING SHARPLY AGAIN
| Metric | Estimate | Context |
|---|---|---|
| Brent Crude Price Change | -1.0% | Brent crude down over 1% on reports of potential agreement to reopen the Strait of Hormuz. |
| Japan 2-Year JGB Yield | 2.0% | Trading close to 2.00% following recent BoJ policy hikes. |
| Swiss CPI YoY Forecast Peak | 0.9% | SNB CPI forecast nudged 0.1 ppt higher from Q3 next year, peaking at 0.9% in Q2 2029. |
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