JPY gains on broader developments ahead of GDP – Scotiabank

FXStreetAug 13, 2025 11:28 AM

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The Japanese Yen (JPY) is up 0.4% against the US Dollar (USD) and a relative underperformer among the G10 in an environment of broad-based USD weakness, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Narrowing yield spreads in a JPY-supportive manner

"Domestic developments have been limited, as markets await the release of key GDP and industrial production data later this week. The latest JPY gains are being driven by external developments and specifically the softening in rate expectations for the Fed, narrowing yield spreads in a JPY-supportive manner."

"For USD/JPY, we anticipate a bearish break of the narrow mid-146/mid-148 range that has defined price action since early August."

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