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In view of analysts at Westpac, the recent strength in JPY looks to have come primarily as a result of increased concern over the global economy amongst investors, with the Yen’s gains having partly reversed to 110.46 since – coincident to the broad move in market confidence.

Key Quotes

“Ahead, in line with our FOMC call and on the assumption that global growth risks do not intensify, we look for a brief rise in the USD/JPY cross to JPY113 in mid-2019 followed by a reversal to JPY112 end-2019, then JPY106 end-2020.”