#USDJPY @ 135.922 could trade well under 130 by late 2023 – ING
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A weak growth environment and a clear drop in bond yields should lift the Japanese Yen. Thus, economists at ING expect the USD/JPY to drop under 130 by late 2023.
“While it is tempting to argue that some heavily hit European or Asian currencies are due a substantial re-rating next year, we believe such a conclusion is premature.”
“European currencies will struggle with a German economy re-orienting itself to a new world order, while it also seems too early to expect the Chinese Renminbi to lead the Asian FX complex substantially higher. Instead, a weak growth environment and a clear drop in bond yields should see defensive currencies like the Japanese Yen start to outperform.”
“We could see USD/JPY trading well under 130 by late 2023.”
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