BofA Still Bearish On JPY

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BofA reaffirms its structural bearish stance on the JPY, raising its USD/JPY year-end target to 165 (from 160 prior, vs. Bloomberg median of 148). The bank also sees JGB yields rising to 1.65%, driven by a more hawkish BoJ outlook. While the BoJ may hike further, it is unlikely to be aggressive enough to stem JPY depreciation

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