Analysts do not expect USD/JPY to extend gains for the remainder of the year, as the consensus sees declines in the cross. The median estimate pencils the yen strengthening to 141 by 4Q, which is a 10bf move from current spot levels
For most of the 1Q, analysts' calls were topped. The desk at Mizuho forecasted the dollar-yen rate at 145.0 by end of the quarter, the spot rate ended above 151.0
Into year-end, the forecast range goes from 128.0 to 151.0, the desk at Barclays stands above the consensus at 145.0 and Nomura sits at 141.0
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