Nomura International predicts that the yen will depreciate by more than 3% against the euro by the end of September. The agency has once again opened positions, betting that the yen will take back the gains brought about by all intervention and hit a record low against the euro. Foreign exchange strategist Yusuke Miyairi restarted the EUR/JPY tactical long trade at 183.90. This price was close to the current market level. The target level was 190 at the end of September, and the stop-loss level was set at 181. Two weeks ago, Japan and the US joined the market to buy yen to interfere in the foreign exchange market, driving the euro down from about 187 to 180 against the yen; the pair has now recovered 50% of its decline at the time. Miyairi Yusuke's prediction is that the euro will break through the high of 187.95 set in April.

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