Security

USDJPY Research and Market Analysis

USD/JPY continues to maintain its primary uptrend, consistently testing the critical 160.0 intervention threshold despite official efforts to curb the currency's depreciation. The pair's strength is largely driven by the US dollar’s role as a high-yielding safe haven, supported by persistent inflation and geopolitical instability in the Middle East. Conversely, the Japanese yen faces significant pressure from concerns regarding fiscal sustainability and lackluster demand observed in JGB auctions. While quantitative fair value assessments suggest the pair is currently trading near equilibrium, internal Japanese market signals are more concerning, specifically the recent surge in 10-year break-even inflation rates. These developments, alongside potential declines in market liquidity, heighten the risk of a disorderly rise in yields that may further destabilize the exchange rate. Consequently, research remains focused on the interplay between US dollar trajectories and Japan's evolving fiscal policy backdrop.

147 reports available

Japan Macro Weekly thumbnail

Japan Macro Weekly

Mizuho Securities·Jun 8, 2026

The BOJ is expected to pursue policy normalization with a rate hike in June, targeting a 1.5% policy rate. While geopolitical tensions in the Middle East present risks, wage and price trends remain robust enough to justify the shift.

Global Economy And Finance Weekly Watch thumbnail

Global Economy And Finance Weekly Watch

Mizuho Securities·Jun 9, 2026

Mizuho's weekly analysis anticipates a BOJ rate hike to 1.0% at the June meeting, driven by robust economic data and hawkish signals from Governor Ueda.

Daily FX Update thumbnail

Daily FX Update

Scotiabank·Jun 11, 2026

The USD shows broad strength today following geopolitical strikes between the US and Iran, while the CAD and NOK trail due to lower oil prices. Focus remains on upcoming central bank decisions from the ECB and BoJ.

Japan Macro Weekly thumbnail

Japan Macro Weekly

Mizuho Securities·Jun 1, 2026

Mizuho Securities forecasts a BOJ rate hike to 1.00% in June 2026 following better-than-expected April industrial production data (+0.8% MoM). While Tokyo CPI inflation cooled to 1.4% in May, the report anticipates a renewed pickup in the second half of 2026.

Macro Weekly thumbnail

Macro Weekly

Mizuho Securities·Jun 2, 2026

The report analyzes Japan's recent economic indicators, including cooling Tokyo CPI and rebounding industrial production, while forecasting a BOJ rate hike to 1% in June 2026.

BoJ Monetary Policy Meeting Preview thumbnail

BoJ Monetary Policy Meeting Preview

Citi·Jun 9, 2026

Citi expects a 25bp BoJ rate hike to 1% in June, anticipating semi-annual hikes reaching a 1.5% terminal rate. The report highlights risks regarding JPY weakness, political pressure on the BoJ, and equity market sensitivity.

June MPM Preview: BoJ Set to Raise Rates to 1.0 Percent

Morgan Stanley·Jun 8, 2026

Japan FX Analysis of USD JPY Price Formation

Citi·Jun 9, 2026

Impact Of BoJ Hike And MoF Intervention On Yen

J.P. Morgan·Jun 12, 2026

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