Deutsche Bank on USD/JPY
The USD/JPY has been repeatedly seeking a bottom value at under 100. Japanese export firms are gradually increasing USD selling as hedges for OctDec following completion of the "obon" summer holidays. These firms will lower internal USD/JPY benchmark rates that had been at 105 or 110 to the 100-105 range. This change is pushing the USD/JPY toward 100, and we expect a market cap at around 100 after taking hold in the 90 range.
