Morgan Stanley's FX team led by Ian Stannard published a book of 2012 currency timelines including the one below of the U.S. dollar against the Japanese yen. Looking to 2013, Morgan Stanley forecasts the yen to fall. "We expect the JPY to come under significant and sustained pressure throughout 2013 as a result of policy changes domestically and internationally," they write. "In Japan, we believe political pressure will lead to a major shift toward substantially more expansionary BoJ policies, which will weigh down JPY in 2013. Indeed, there is evidence that this is already starting to unfold following the latest ... (full story)