Bank of America sees yen strengthening to 149 per dollar by end of 2026

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Bank of America has raised its forecast for the yen, expecting it to strengthen by about 6 percent to 149 per dollar by the end of 2026, from around 158 currently. The move is supported by joint currency market intervention by the United States and Japan, as well as the likelihood that the Bank of Japan will continue raising interest rates. BofA had previously forecast the yen at 152 per dollar at end-2026, and noted that stabilising the yen over the long term requires sustained support from macroeconomic policy, especially an accelerated pace of rate hikes by the BOJ. If the BOJ decides to raise rates at its September meeting instead of waiting until October, it would signal a commitment to addressing the risk that inflation could accelerate. Last week's joint intervention by the US and Japan helped push the yen stronger to near 155 per dollar, and it strengthened for a fourth straight trading day, with both countries signalling readiness to act together again if needed. It marked the first coordinated currency intervention since 1998. US Treasury Secretary Scott Bessent said the Japanese yen is undervalued given the bright economic outlook. BofA also raised its forecast for the yen in the current quarter to 153 per dollar from 154 previously.

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