Scotiabank: Markets Have Underestimated Yen Support, End-2026 USD/JPY Forecast 125

  • After a strong performance in the first quarter of 2025, the yen has suffered in global markets and the Dollar to Yen (USD/JPY) exchange rate is currently trading above 147.0. According to Scotiabank, markets are underestimating the potential for yen gains from both monetary policy and trade talks.