RABO Bank: Yen Could Reach 148 in 12 Months on Economic Resilience

According to Sina Finance, RABO Bank said the yen has strengthened sharply recently without any obvious official intervention, suggesting the market may be reflecting changes in Japan's fundamentals. Senior foreign exchange strategist Jane Foley wrote in a report that clearer domestic inflation signals based on real wage data, along with economic resilience supported by Japanese companies' role in the semiconductor supply chain and stock market reforms, are supporting the yen. RABO Bank said Japan's economic resilience and rising real income should strengthen the hawkish camp inside the Bank of Japan, and it remains constructive on the yen in the medium term. The bank brought forward its forecast for 1 U.S. dollar to 148 yen from 15 months to 12 months.