4 risks to USD/JPY for 2022

A snippet summary from Nomura in Japan on the yen next year.

Nomura point out that USD/JPY is trading at its highest since March 2017 and highlight four risks to be aware of into 2022: 

  • (1) Historical tendency of USD/JPY weakness after the first Fed hike; 
  • (2) Changes in supply-demand of JPY; 
  • (3) US mid-term elections; 
  • and (4) Rising market concerns over BOJ’s hawkish shift as the end of Governor Kuroda’s term approaches

I’ll see if I can dig up more from the note.  

Bank of Japan Governor Kuroda’s current term ends in April 2023

Bank of Japan Governor Kuroda

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