Bullish outlook on JPY from Morgan Stanley.

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Morgan Stanley analysts are still bullish on JPY. “We maintain our structurally bullish JPY view. We don’t expect intervention, particularly in light of the current G7 meeting, and don’t expect fiscal stimulus to change the trajectory on JPY. With questions about the future success of Abenomics, FX hedging and repatriation flows will continue to drive the currency, and we ultimately expect USDJPY to fall through 100. We believe the BoJ needs to abandon its current framework of NIRP and expanding QQE and adopt more unconventional policy in order to weaken JPY” written in the report.

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