USD/JPY to fall to 130 year-end and further to 123 by end-2024 – BNP Paribas

Economists at BNP Paribas share their USD/JPY forecasts.

Downward trend in USD/JPY

While we have revised our USD/JPY forecasts higher to account for a higher Fed terminal rate and a later widening of the BoJ's YCC, we continue to project a downward trend in USD/JPY. 

We now forecast USD/JPY to fall to 130 by the end of 2023 and further to 123 by the end of 2024, up from the previous projections of 127 and 121, respectively.

See – USD/JPY: A recipe for Yen weakness is boiling – MUFG