The recent joint foreign exchange intervention between Japan and the US supports the bullish view of the yen from Bank of America Global Research. The strategists said in a report: “The signal effect of this rare coordinated intervention is significant. “The first long-term goal of the Japanese and US governments should be to restore credibility and stabilize the yen,” they said. “The team added, “Collaboration means Japan and the US have agreed on a common goal and a plan to achieve that goal. “The Bank of America lowered its forecast for USD/JPY for the third quarter from 154 yen to 153 yen, and lowered its forecast for the end of the year from 152 yen to 149 yen due to factors such as a rise in the possibility of the Bank of Japan speeding up interest rate hikes.

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