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25 Apr 2016
USD/JPY target (end-June and end-December) - Nomura
Analysts at Nomura bank explained that the most frequent reply for the end-June USD/JPY target (38%) was 105-110 range, while 32% of clients see upside risks to the 110-115 range.
Key Quotes:
"Offshore investors have a more positive view on USD/JPY by end-June than domestic investors. In total, 19% of clients expect USD/JPY to trade below 105, breaching the recent low (107.63). In contrast, only 9% of clients expect USD/JPY to trade above 115 by end-June."
"Most clients see ranges from 105 to 115 by end-June, but they see bigger downside risks over the next few months. The most popular reply for the end-December USD/JPY target was 110-115."
"The second most popular expectation was 100-105, not 105-110. The difference between offshore and domestic investors is small for the mid-term USD/JPY forecast. 28% of clients expect USD/JPY to trade below 105 by year-end, while 25% expect USD/JPY to trade above 115"
"Clients view risks as still skewed to the downside from 105-115 range in the medium term."
Key Quotes:
"Offshore investors have a more positive view on USD/JPY by end-June than domestic investors. In total, 19% of clients expect USD/JPY to trade below 105, breaching the recent low (107.63). In contrast, only 9% of clients expect USD/JPY to trade above 115 by end-June."
"Most clients see ranges from 105 to 115 by end-June, but they see bigger downside risks over the next few months. The most popular reply for the end-December USD/JPY target was 110-115."
"The second most popular expectation was 100-105, not 105-110. The difference between offshore and domestic investors is small for the mid-term USD/JPY forecast. 28% of clients expect USD/JPY to trade below 105 by year-end, while 25% expect USD/JPY to trade above 115"
"Clients view risks as still skewed to the downside from 105-115 range in the medium term."