UBS warns: In an extreme scenario of prolonged turmoil, the USD/JPY exchange rate could reach 175 by the end of the year

On April 2nd, UBS strategists pointed out that despite Japanese officials raising verbal warnings about currency market intervention, the yen will continue to weaken, and in an extreme scenario of long-term turbulence, the USD/JPY exchange rate could reach 175 by the end of the year. Led by Shahab Jalinoos, the team of strategists stated that if oil prices rise to $150 per barrel, attempts to control inflation through foreign exchange intervention could ultimately backfire, depleting foreign exchange reserves while providing the market with an opportunity to sell yen at higher prices, and may not necessarily change the trend.

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