HSBC analysts are looking for further 'modest' strength in the yen through 2024.
They argue that after the weakness in JPY over the past 3 years it'll show some recovery this year. Says markets have already discounted expected rate increases in Japan, and falls in the US.
And add they see:
- a capitulation of short JPY speculative positions and lifers’ FX hedging
Which
- should be supportive for JPY
