Contrarian long-term view on yen strength lands ANZ on top
ANZ has topped this week's 12-month currency forecast rankings after taking a contrarian view on the long-term behaviour of the yen at the start of the fourth quarter of 2010.
On October 8, 2010, the Australian bank forecast that USD/JPY would fall from 82 to 75 in a year's time, while the consensus view of contributors was that the yen would weaken and USD/JPY would trade at 91. Events of recent months have served ANZ well, as repeated intervention by Japanese authorities has failed to weaken
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