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UBP expects the yen to keep appreciating through 2024, with USD/JPY falling toward 135 by year-end. The bank bases this on the Bank of Japan slowly normalising policy, with a deposit rate rising to a maximum of about 0.5%, likely after the March wage talks.
It argues rapid tightening should not be expected.
A stronger yen in forecasts lowers Japan's cost of dollar-priced feed imports over time. The effect is gradual and depends on BoJ timing.
ubp.comPeter KinsellaJan 30, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
