A snippet from BNP Paribas on the yen

Looking for the currency to strengthen by year end

  • to 102 for USD/JPY

On the Bank of Japan:

  • BOJ the most constrained G10 central bank
  • rates already negative
  • BOJ high bond ownership means less room for further asset buys

And thus:

  • " The yen should outperform as the BOJ struggles to match easing elsewhere in the world."