A column on the USD/JPY outlook from the second half of FY2026 onward. Looking back at the first half, it presents the view that USD/JPY rose to ¥163.99 on 23 July, reaching its highest range since November 1986.
This column looks back at the USD/JPY market in the first half of FY2026 and considers the outlook from the second half onward. Overall, it examines the outlook for the latter half on the premise that the period has reached a turning point.
As for developments in the first half, USD/JPY is noted to have risen to ¥163.99 on 23 July, reaching its highest range since November 1986. This level is described as a long-term high range.
The focus ahead is said to shift to the USD/JPY outlook from the second half onward, with readers directed to watch the currency’s future movements and the factors behind them.