BoJ inertia informs Westpac's chart-topping yen forecast

USD-JPY August 20

Westpac has topped this week’s three-month currency forecasts rankings after taking a prescient view on the direction of the yen in mid-May, based on a view that the Bank of Japan’s (BoJ) unwillingness to intervene in the currency would continue.

On May 18, with USD/JPY trading at 79.35, Westpac forecast the pair would fall to 78 in three months’ time, accurately reflecting the spot rate on August 13. After repeated intervention to stem the sharp appreciation of the yen in 2011, the BoJ has

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