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City denies euro-yen increase concerns
Citi Bank expects Japanese authorities to intervene in the currency market around the 160 yen per dollar level, aiming to push the dollar against the yen below 155 yen as the upward pressure on the yen diminishes due to intervention and rising interest rates. The bank also notes that the recovery of American and Japanese equity markets could weaken the yen again, with forecasts suggesting that the euro-yen pair might drop to about 170 yen next year, particularly amid European market turbulence. Additionally, Citi warns of a potential decline in the Australian dollar-yen exchange rate to around 105 yen per Australian dollar in the upcoming period.
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