USD/JPY holds near 155 amid strong Tankan survey – BBH

FXStreetDec 15, 2025 1:53 PM

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USD/JPY trades near 155.00 following a strong Q4 Tankan survey, with Japan’s all-industries business conditions index rising to 17, the highest since Q3 2018, BBH FX analysts report.

BOJ poised for first rate hike since January

"USD/JPY is down near 155.00. Japan’s Q4 Tankan business survey was strong and points to ongoing economic activity. The all industries business conditions index improved to 17 (highest level since Q3 2018) vs. 15 in Q3 and the details were good."

"The Bank of Japan (BOJ) is widely expected to raise the policy rate 25bps to 0.75% (Friday). It will be the first rate hike since January."

"We see room for USD/JPY to adjust lower towards the level implied by US-Japan two-year bond yield spreads around 140.00."

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