Intervention won't weaken the yen, says Morgan Stanley
Morgan Stanley has topped this week's one-month currency forecast rankings with an accurate forecast on EUR/JPY and USD/JPY, based on the view that the yen would continue to strengthen, despite the likelihood of intervention by Japanese authorities.
On October 21, 10 days before intervention occurred, Morgan Stanley predicted EUR/JPY would drop from 105.6 to 103.1 in a month's time while USD/JPY would fall from 76.7 to 76.4. Both forecasts proved close to the mark, with EUR/JPY at 103.4 on
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