Morgan Stanley Turns Bearish on Japanese Yen as Intervention Impact Gradually Fades

智通财经2026/08/07 22:06

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Morgan Stanley forex strategists have turned bearish on the yen. They believe that, as the effects of the official support for the yen exchange rate between the US and Japan prove to be short-lived, the yen will gradually weaken going forward. The joint intervention by relevant departments only temporarily boosted market demand for the yen and did not reverse its long-term downward trend. Based on this, the strategists, while maintaining a neutral stance, have adjusted to a more bearish outlook. "Unless further joint interventions in the foreign exchange market are introduced, we expect USD/JPY to gradually rise," David Adams, Andrew Watrous, and Molly Nickolin wrote in a report released on Friday.

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