USD/JPY: Yen strength persists on policy and politics – Scotiabank
Par FXStreet Insights Team
Date de publication: 12 Feb 2026 | Date de modification: 12 Feb 2026
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Scotiabank’s Analyst Team highlights strong Japanese Yen performance, with USD/JPY pressured by a post-election relief rally and supportive Bank of Japan policy stance.
Scotiabank’s Analyst Team highlights strong Japanese Yen performance, with USD/JPY pressured by a post-election relief rally and supportive Bank of Japan policy stance. Analysts point to narrowing US-Japan yield spreads at multi-year lows as a key driver and see limited support for USD/JPY until the local low near 152, underscoring a bearish Dollar bias against the Yen.
Yen boosted by election relief and BoJ
"The yen is strong, outperforming all of the G10 currencies in an environment of broad-based USD strength."
"The post-election relief rally remains a critical source of strength for the yen, as market participants respond to PM Takaichi’s message of stability and continuity as she pursues her platform objectives."
"The outlook relative central bank policy remains supportive for the yen, given the BoJ’s continued hawkishness and the continued narrowing of interest rate differentials as US-Japan spreads compress to fresh multi-year lows."
"For USDJPY, we see limited support between current levels and the local low around 152."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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