USD/JPY seen at 103 in 6 months - UBS

By FXstreet.com | July 16, 2014 AAA

FXStreet (Córdoba) - The UBS analyst team commented that BoJ Governor Kuroda saying he sees 'no reason for the yen to strengthen against the dollar', reinforces their view of USD/JPY at 103.00 and 105.00 over 6 and 12 months respectively.



Key Quotes



“The Bank of Japan kept its pace of monetary base expansion unchanged as expected, at JPY 60 – 70 trn per year. BOJ Governor Kuroda reiterated his confidence of achieving the 2% inflation target, implying that additional easing is unlikely”.



“However, he added that he sees ‘no reason for the yen to strengthen against the dollar’, in view of the diverging monetary policies between the US and Japan”.



“This reinforces our view for a modest rise in USD/JPY to 103 and 105 over 6 and 12 months respectively”.



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