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UBS: Yen may continue to depreciate before the Fed cuts interest rates, and the yen is expected to fall to 160
On June 18th, Jinshi Data News, UBS Global Wealth Management stated that there is still room for the yen to depreciate before the Fed starts cutting interest rates. Kelvin Tay, the chief investment officer of the bank, said that in the short term, we do think that the dollar-yen may touch 160 again, and I don't think the Bank of Japan will be eager to raise interest rates at this point. If the Fed does not cut interest rates in September, further delaying the rate cut, it is clear that the yield spread between US and Japanese government bonds will actually widen, and the yield spread between US and Japanese government bonds is still a key pressure point for the yen.