Forex Flash: Still expecting USD/JPY at 80.00 year end - HSBC

According to HSBS, the Yen deppreciation story has now completed the promises phase, "but March marks the transition to the action phase, and already the going is proving tougher for USD-JPY bulls" they say.

HSBC adds: "If radical action is delivered then the next question will be whether policy succeeds. However, we expect things will trip up before we get to this last results phase, and we retain our forecast of USD-JPY 80 for year end. The thing about stunning market moves is that while they can be painful for USD-JPY bears like ourselves, they are seldom fatal. Phases are on stun."