Westpac contemplates "A short-term JPY opportunity amid long-term headwinds?"In summary from the note:A textbook case for a quick USD/JPY reversal seems to be developing. The pair has been spinning its wheels between 150-151 recently, even as the hawkish repricing in US rates has lost momentum. At 4.15-4.35%, long term US yields are more appropriately calibrated for a bumpier disinflation glidepath and 3% growth, than they were at the start of the year. Fed fund expectations are not as obviously skewed relative to the Fed’s dots either. The “no landing” narrative has legs, but it’s not clear conditions are ripe for either Fed officials or markets to seriously contemplate pricing just
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