UBS vs JPMorgan: Dueling Forecasts for USD/JPY in 2027

The difference in forecasts for the USD/JPY exchange rate between UBS and JPMorgan continues to grow. According to exchangerates.org.uk, UBS expects a partial recovery of the Yen next year after renewed weakness into December. Their September outlook puts USD/JPY at 160 by the end of December 2026, followed by 158 in March, June, and September 2027.

JPMorgan's forecast is more optimistic, predicting 164 across all four dates mentioned above. As of Thursday, the exchange rate traded at 157.93, up 0.23% after falling 1.37% during September. UBS's year-end target is roughly 1.3% above the current level.

The gap between these two forecasts widens as we approach the end of 2026 and beginning of 2027.