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Flash: USD/JPY still projected to reach 110.00 by year-end – UBS

FXstreet.com (Barcelona) - Large Japanese banks are actually behind the JGB selling according to the latest data – these banks have JGB portfolios with weighted average maturities in the region of three years, which explains why the selloff was concentrated at the front and belly of the curve.

These banks are also the biggest holders of JGBs, so should we be concerned? Perhaps a little - especially if the same selling pattern extends over the coming months. But for now it is some consolation that Trust banks, Toushins, and even lifers seem happy to take the other side of their trades. According to Research Analyst Gareth Berry at UBS, “We still look for the USD/JPY to reach 110 by end-2013 and we do not need a JGB market rout to get there.”

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