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28 Feb 2013
Forex Flash: USD/JPY could climb to 100.00 in 2013 – Danske Bank
The Japanese yen continues to trade in a narrow range on Thursday, hovering over the area of 92.30/35
According to Senior Analyst C.Tuxen at Danske Bank, the recent appointment of H.Kuroda to be the next BoJ Governor would accelerate the measures to reach the 2.0% inflation target via a more aggressive easing.
“We believe today’s nominations reflect a formal shift in Japanese monetary policy and that purchases of government bonds will be ramped up by BoJ. Notably, we do not believe that this is fully priced by the market despite the yen weakening seen in recent months: our 2013 targets for USD/JPY and EUR/JPY are 100 and 134, respectively. We recommend to still be short yen at this stage”, concludes de expert.
According to Senior Analyst C.Tuxen at Danske Bank, the recent appointment of H.Kuroda to be the next BoJ Governor would accelerate the measures to reach the 2.0% inflation target via a more aggressive easing.
“We believe today’s nominations reflect a formal shift in Japanese monetary policy and that purchases of government bonds will be ramped up by BoJ. Notably, we do not believe that this is fully priced by the market despite the yen weakening seen in recent months: our 2013 targets for USD/JPY and EUR/JPY are 100 and 134, respectively. We recommend to still be short yen at this stage”, concludes de expert.