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1 Oct 2013
Flash: Medium term outlook for the Yen - Rabobank
FXstreet.com (London) - Jane Foley, Senior Currency Strategist at Rabobank says the medium term outlook for the Yen remains soft.
Key Quotes:
“While the JPY is generally viewed as a safe haven the likelihood of continued aggressive stimulus by the BoJ in tandem with an eroded current account position suggests that gains for the yen on the back of the current uncertainty are likely to be limited”.
“Although this morning’s release of the Tankan survey shows an impressive improvement, the PM’s confirmation that the April consumption tax hike will go ahead suggests that the economy faces a substantial hurdle next spring”.
“Market forecasts that Japanese economic growth could dwindle to zero in Q2, will ensure that speculation of further BoJ stimulus stay in place. Consequently the medium-term term outlook for the yen remains soft”.
Key Quotes:
“While the JPY is generally viewed as a safe haven the likelihood of continued aggressive stimulus by the BoJ in tandem with an eroded current account position suggests that gains for the yen on the back of the current uncertainty are likely to be limited”.
“Although this morning’s release of the Tankan survey shows an impressive improvement, the PM’s confirmation that the April consumption tax hike will go ahead suggests that the economy faces a substantial hurdle next spring”.
“Market forecasts that Japanese economic growth could dwindle to zero in Q2, will ensure that speculation of further BoJ stimulus stay in place. Consequently the medium-term term outlook for the yen remains soft”.