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More yen weakness likely - BOA Securities survey

Investing.com - More Japanese yen weakness looks likely, according to Bank of America Securities, citing its latest foreign exchange and rates sentiment survey.

At 10:25 ET (14:25 GMT), USD/JPY traded 0.2% higher at ¥155.83, with the pair having gained just under 2% this week as yen weakness returned.

Japanese authorities are seen having spent almost $60 billion the previous week pulling the yen away from a 34-year-low of ¥160.24 versus the dollar.

The bank’s survey has shown a consistently bullish yen bias since mid-2022, analysts at BOA Securities said, until now. 

With USDJPY breaching new highs in April, investors have flipped to the largest JPY short since 2022, and there is a deep scepticism around the effectiveness of Japan's FX intervention.

The bank said the majority of fund managers polled expect USDJPY to retest ¥160, with no one expecting a reversal to ¥150. 

“While we generally share these views, the volte-face on JPY perhaps warrants near-term caution for shorts,” the bank added.

 

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.