Westpac: no end in sight for yen strength
Westpac has topped this week's three-month currency forecast rankings after taking a contrarian view in May that the yen would weaken against the dollar in the short term but strengthen again within three months.
On May 6, with USD/JPY trading at 80.22, strategists at Westpac accurately predicted the pair would fall to 78 in three months' time, while the consensus of forecast contributors expected the dollar to strengthen to 84.34.
On August 8, USD/JPY traded at 77.80 after Japanese intervention
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