The Japanese yen has struggled for gains against the dollar amid expectations the Bank of Japan will lag global peers in normalizing monetary policy.
The Japanese yen may continue to see weakness against the U.S. dollar if the policies of the Bank of Japan and Federal Reserve continue to diverge, according to Wells Fargo Securities' Brendan McKenna.The Japanese currency has struggled for gains against the dollar amid expectations the Bank of Japan will lag its peers such as the U.S. Federal Reserve in normalizing monetary policy.may continue to see weakness against the U.S.
"We certainly see a move up through 130, we think that's definitely possible," McKenna told CNBC's"Squawk Box Asia" on Wednesday. "Assuming BOJ policymakers stay committed to their easy monetary policy ... framework, we think a move up towards maybe 135 [yen per dollar] could be likely within the very near future," the foreign exchange strategist said.
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