Franklin Templeton said that the Bank of Japan is more hawkish than market expectations, and its terminal interest rate may exceed 2%. Franklin Templeton portfolio manager Carol Lye said the USD/JPY could fall to 150 or even lower in the next 12 months. She is bearish on the US dollar, as AI capital spending momentum weakens, which will drag down overall US economic growth; she expects data center construction to slow down in 2028. She expects US bond yields to fluctuate in the range of 4.5% to slightly more than 5%.

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