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