The resilience of the yen and a reassessment of the relative strengths of the various pressures on the Japanese currency have prompted us to change the direction of our forecasts. We now expect the yen to appreciate to 70 against the US dollar by 2012 and as far as 60 in 2013 (previously we had expected a fall to 95), despite the likelihood of further monetary easing tomorrow from the Bank of Japan.
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