The
yen held gains from Friday as the currency’s best quarter since 2009
against the dollar fueled speculation the Bank of Japan may be running
out of tools to weaken it.
Japan’s
currency appreciated 6.8 percent in the first quarter, signaling that
three years of stimulus have been priced in. Julius Baer Group Ltd.,
Sumitomo Mitsui Banking Corp. and Australia & New Zealand Banking
Group Ltd., the most accurate yen forecasters in the latest Bloomberg
rankings, predict the currency will end the year stronger. In contrast,
the median estimate among analysts is for the yen to weaken to 119 per
dollar by the end of 2016.
The
yen gained 0.2 percent to 111.50 per dollar as of 9:54 a.m. in Tokyo
from Friday, when it climbed 0.8 percent. It was at 127.18 per euro
following a 0.7 percent jump to 127.21 at the end of last week.
Citigroup’s forecast is for the yen to be little changed from now at 111 per dollar.
Source: Bloomberg
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