Global Risks Put Yen at Top of Pile for 2019 Currency Forecasts

Analysts lift predictions, expect yen rally into end of year
BOJ ‘most constrained’ G-10 central bank, can’t curb yen: BNP

Sheets of Japanese 10,000 yen banknotes move through a machine at the National Printing Bureau Tokyo plant in Tokyo, Japan, on Monday, May 20, 2019. Japan’s unexpected growth spurt on the gross domestic product (GDP) in the first quarter masked weakness in the economy just as policy makers prepare to hike the sales tax in October.Photographer: Akio Kon/Bloomberg

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By Anooja Debnath

September 29, 2019 at 9:00 PM UTC

Updated on

September 30, 2019 at 9:28 AM UTC

This article is for subscribers only.

The myriad of global risks this year is keeping yen bulls happy and encouraging bets on a world-beating rally in coming months.

The Japanese currency is predicted to outperform its Group-of-10 peers by the end of 2019 and gain nearly 3% to 105 per dollar, according to Bloomberg’s survey of currency analysts. With the bullish tone also reflected in the options market, Morgan Stanley and BNP Paribas SA expect tense geopolitics to drive it to a three-year high of 100 by early next year.