CBA wins out, exploiting yen weakness
CURRENCY FORECASTS
"We have been very bearish on the yen compared with consensus since September 2006," Richard Grace, senior currency strategist at the bank in Sydney, told FX Week. He said the bank's USD/JPY and EUR/JPY forecasts were, and are still, well above consensus. By the end of 2007, CBA places USD/JPY at 130 and EUR/JPY at 169.
Grace said the bearish view comes from a number of factors, such as Japanese investor behaviour. He explained that when global economic growth is strong, Japanese investors tend
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