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Yen Tumbling 9% Splits Top Forecasters From Futures
The most accurate foreign-exchange forecasters expect the yen to fall about 9 percent this year to levels not seen since 2008, putting them in opposition to futures traders who are paring bets on a decline. Norddeutsche Landesbank, Macquarie Bank Ltd. and Banco Santander SA, which are all calling for Japan’s currency to tumble to 110 per dollar by year-end from 101.09 as of 12:36 p.m. New York time, were among the five top-ranked forecasters last quarter, according to data compiled by Bloomberg. The median estimate in a Bloomberg survey of 74 banks, investors and brokers is a less-bearish 105 level. After the ... (full story)