Global FX: Hawkish Fed & dovish BoJ force a Yen forecast rethink

This week, our Global FX Strategists discuss whether the hawkish Fed surprise changes the outlook for the dollar, how we’re thinking about USD/JPY forecasts after a dovish BoJ meeting, and whether recent political events in Asia moves the needle for G10 & EM FX.   Speakers Arindam Sandilya, Global FX Strategy Patrick Locke, Global FX Strategy ​Junya Tanase, Japan Markets Research   This podcast was recorded on 31 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5121407-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.