Japanese Yen: Carry unwind boosts gains against US Dollar - DBS
DBS Group Research economist Philip Wee notes that the Japanese Yen (JPY) has become the best-performing US Dollar Index (DXY) currency in 2026, with USD/JPY falling below its end-2025 level of 156.70.
DBS Group Research economist Philip Wee has observed that the Japanese Yen (JPY) has emerged as the best-performing currency against the US Dollar (USD) in 2026, with the USD/JPY falling below the 156.70 level set at the end of 2025. Wee expects further downside for USD/JPY following a significant trendline break, while the joint US-Japan intervention in late July, coupled with shifting fiscal concerns to Washington, has bolstered the Yen's appeal as a haven currency. Consequently, the carry trade has weakened, reinforcing the Yen's status as a safe haven.
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