JPY: Bullish outlook despite intervention – BBH
Par FXStreet Insights Team
Date de publication: 29 Jan 2026 | Date de modification: 29 Jan 2026
ARTICLES POPULAIRES
BBH's analysis suggests a bullish outlook for the JPY, regardless of potential intervention from the US. The report notes that USD/JPY is significantly overvalued relative to US-Japan rate differentials, and concerns over Japan's fiscal policy are considered overdone.
BBH's analysis suggests a bullish outlook for the JPY, regardless of potential intervention from the US. The report notes that USD/JPY is significantly overvalued relative to US-Japan rate differentials, and concerns over Japan's fiscal policy are considered overdone. The combination of loose fiscal policy and tighter monetary policy is seen as positive for the JPY.
Bullish sentiment on JPY persists
"Bessent emphasized yesterday that the US is “absolutely not” intervening in the currency market to weaken USD/JPY and reaffirmed the Treasury’s strong dollar policy. USD/JPY had a kneejerk 1% upswing before pulling back. We remain bullish on JPY regardless of whether there is intervention or not."
"First, USD/JPY is significantly overvalued relative to the level implied by US-Japan rate differentials. Second, worries over Japan fiscal profligacy are overdone given that growth comfortably exceeds borrowing costs. Third, Japan’s mix of loose fiscal policy and tighter monetary policy is JPY positive."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Plus d’un million d’utilisateurs se tournent vers FXStreet pour des données de marché en temps réel, des outils de graphiques, des analyses d’experts et des actualités Forex. Leur calendrier économique complet et leurs webinaires éducatifs aident les traders à rester informés et à prendre des décisions éclairées. FXStreet s’appuie sur une équipe d’environ 60 professionnels répartis entre le siège de Barcelone et diverses régions du monde.
Lire la suite
