According to Jin10, JPMorgan said Asian currencies are increasingly diverging, with the Bank of Japan possibly raising rates three to four times over the next 12 months to lift the policy rate to about 2% while prioritizing exchange-rate stability, and the dollar-yen rate expected to stay near 160. JPMorgan remained cautious on the Indian rupee because capital outflow pressure is still the main drag, while the Australian dollar may continue to be supported by favorable trade conditions and a sound fiscal environment. JPMorgan also previously said Asia's foreign exchange market is shifting from a broad regional move to a differentiated pattern driven by external balances, the AI investment cycle, policy credibility, and capital flows.