Bank of America Merrill Lynch: The Japanese yen is expected to remain weak in 2026.

Bank of America Securities expects that the Japanese yen will continue to depreciate in 2026, as the loose policy environment along with fiscal risks will continue to exert downward pressure on the yen. They predict that the US dollar against the Japanese yen will break through 160 at the beginning of 2026, and stabilize at 155 by the end of the year; they forecast that the euro against the Japanese yen will further rise to 190 in the first half of 2026.