A couple of views on dollar yen and what will push it lower.

Deutsche Bank:

  • maintains short USD/JPY recommendation
  • expects 100 to be hit during 2019 (adds that 100 is fair value)
  • drivers of yen strength include a "structural shift in Japanese investor behaviour - from repatriation to increasing hedges - will support the JPY this year"

Credit Agricole:

  • have a 'long-term forecast' for 100 in 2020
  • for the yen is indeed that dollar-yen should revisit 100 by 2020," said head of G-10 currency
    drivers - policy convergence, unwinding of Japanese-yen-funded carry trades, correction of yen significant undervaluation

(ps. notes from late last week)