美银证券：日元料在2026年保持疲弱走势

Core Viewpoint - Bank of America predicts that the Japanese yen will continue to depreciate through 2026 due to a loose monetary policy environment and fiscal risks [1][2]. Exchange Rate Predictions - Strategist Shusuke Yamada expects the USD/JPY exchange rate to exceed 160 in early 2026 and stabilize at 155 by the end of the year [1][2]. - The EUR/JPY exchange rate is anticipated to rise further to 190 in the first half of 2026 [1][2]. Investment Trends - Bank of America suggests that Japanese households should continue to shift their structural investments towards overseas stocks, accompanied by yen selling [1][2]. - Corporate foreign investments remain strong despite the yen's depreciation [1][2]. Impact of Federal Reserve Policies - Although Federal Reserve policies may influence the yen, a rate cut does not necessarily imply a strengthening of the yen [1][2]. - If the Federal Reserve cuts rates while economic growth remains robust and inflation exceeds target levels, risk assets are likely to benefit, and potential weakness in the dollar against high beta currencies may not significantly impact the USD/JPY exchange rate [1][2].