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USDJPY Monthly Report
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May ' 25 Yen Report

In our 05-Apr-25 report (USDJPY 146.90), a rise to 150-151 was expected before fall to 140 by Jul-Sep’25 qtr. As it turns out, the pair halted the rise at 148.29 itself on 09-Apr and started coming down. The fall met our downside target much sooner than anticipated as a low of 139.89 was seen on 22-Apr itself. The BOJ kept the interest rates unchanged at 0.50% in its May-25 meeting.
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