Nomura’s Global Markets Research team said Fed Chair Jerome Powell’s dovish tone last Friday opens the door for further downside in the dollar against the yen. Powell’s remarks have raised the probability of a September rate cut, reinforcing the view that USD is likely to remain under pressure in the near term.
“We have a higher conviction on our short USD/JPY trade,” the team wrote, reiterating a target of 142.00 by end-October. Nomura added that investor attention will also be on upcoming comments from Bank of Japan officials — including policy board member Junko Nakagawa, who is speaking on Thursday this week (Japan time) — for signals on whether the BOJ could lift rates before year-end, which would add to yen strength.
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