Yen correction will be short-lived, says Wells Fargo

USD-JPY June 17 2013

Wells Fargo has topped this week's one-month currency forecast rankings after accurately predicting the yen, which had weakened steadily since late 2012, would retrace some of its fall during May and June.

On May 10, with USD/JPY trading at 101.36, the US bank forecast the pair to fall to 99 in a month's time. By June 10, the dollar was trading at 98.34 against the yen, falling further to 95.03 on June 14, according to data from Thomson Reuters.

"We didn't necessarily have any argument with the

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