Yen forecast to rise against both the USD and euro in the months ahead

Mizuho with forecasts for the yen ahead (via Bloomberg) :

117 for EUR/JPY by the end of the year

• 103 for USD/JPY

Mizuho say both currencies to appreciate against the dollar

• yen more than the euro
• because of the relative absence of political noise in Japan
• central bank policy driving down the currency is stronger for Europe, making the euro more prone to weakness

More:

• USD to trade lower as yields continue to fall
• Fed has more scope for rate cuts than the ECB
• ECB has greater potential to ease than the Bank of Japan
• more political issues to weigh on euro than on yen