V i e w p o i n t | 23 Jul 2025 05:44:43 ET │ 10 pages Japan FX How will the USDJPY move after the US-Japan trade agreement? CITI'S TAKE We believe the basic trade agreement between the US and Japan will result in JPY appreciation over time. In the near term we think appreciation pressure should be offset by depreciation pressure as Japanese equities rise in a global risk-on environment. However, as BoJ monetary policy normalization continues to be priced in, an outlook that US and Japan could coordinate FX ...