UBS Global Wealth Management is projecting the yen to gain this year
- to USD/JPY 105 per dollar in the next 12 months
- "yen remains the most undervalued major currency"
Reasoning:
- is looking for inflation to take hold (!), citing accelerating wage growth
- safe haven demand to benefit the yen if slowing world economic momentum continues
- expect BOJ to being policy normalisation in early 2020, even without inflation hitting 2% target