Yen Keeps Surprising as Forecasts Ever Wider of the Mark: Chart

As the global outlook gets grimmer, the yen’s surge as this year’s strongest G-10 currency takes it ever further away from the bearish consensus among analysts. Its 13 percent rally in 2016 to about 106 yen per dollar means the currency is about 17 percent higher than strategists forecasts on Dec. 31, after a slight decline in 2015 left it 4 percent stronger than analysts had estimated 12 months earlier. Slowing global growth, slumping China stocks and concerns that the U.K. will vote to leave the European Union are among the risks that have helped revive the yen’s haven appeal.