JPY: Political shift stabilizes currency – DBS
Oleh FXStreet Insights Team
Tanggal Diterbitkan: 16 Feb 2026 | Tanggal Dimodifikasi: 16 Feb 2026
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DBS Group Research’s Philip Wee argues that the Japanese Yen, previously Asia’s top underperformer, has regained stability after Prime Minister Sanae Takaichi’s landslide snap‑election victory.
DBS Group Research’s Philip Wee argues that the Japanese Yen, previously Asia’s top underperformer, has regained stability after Prime Minister Sanae Takaichi’s landslide snap‑election victory. Markets may have overstated JGB risks and underplayed reflationary effects of fiscal stimulus, while expectations for a Bank of Japan rate hike in April versus a Fed cut in June support a firmer JPY outlook.
From underperformer to more stable profile
"Asia’s top underperformer, the JPY, regained stability."
"USD/JPY fell from the top of its three-year range between 160 and 140 after Prime Minister Sanae Takaichi led the Liberal Democratic Party to a landslide victory at the February 8 snap elections."
"Markets likely overstated JGB risks by fixating Prime Minister Sanae Takaichi’s stimulus on fiscal worries and underplaying its reflationary impulse."
"Japan’s two largest banks are reportedly ready to increase JGB holdings."
"Lastly, markets are pricing in a Bank of Japan rate hike in April and a Fed cut in June."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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