Futuo foreign exchange consulting today, the "hard days" of the yen are far from over! Forecast most accurate analysts: the yen is expected to fall to the lowest level in more than 30 years

SEPTEMBER 7 (Reuters) - Despite expectations that the dollar may not be as strong in the coming months, the yen's slide is not over, according to the most accurate yen forecaster. Dollar/yen could rise to 152 this year and could climb further to 155 in 2024, Tohru Sasaki, head of Japan market research at JPMorgan Chase, said in an interview. This means the yen will hit its lowest level in more than 30 years.

The most accurate yen forecasters say that, despite expectations that the dollar may not be as strong in the coming months, the yen's decline is not yet over.

Tohru Sasaki, head of Japan market research at JPMorgan Chase & Co., said in an interview that the dollar/yen could rise to 152 this year and further climb to 155 in 2024.

Sasaki said that even if the Bank of Japan may abandon its yield curve control (YCC) policy this year, it will not hold much promise for the yen in the long run.

Tohru Sasaki was the most accurate predictor of the USD/JPY exchange rate survey last quarter. Therefore, his views are watched by market participants.

Sasaki said the Bank of Japan is still struggling to raise policy rates or reduce inflation, which is weighing on the yen.

The yen hit a fresh 10-month low this week, prompting Japan to issue its strongest warning in weeks against the yen's rapid decline, Japan's top foreign exchange official saidforeign exchange marketThe speculative behavior in Japan is ready to take action.

Masato Kanda, Japan's deputy finance minister and top foreign exchange official, said on Wednesday that the authorities would not rule out any options on the currency if speculation persisted. It is important that currency movements reflect economic fundamentals. Officials are watching the market with a high degree of urgency.

"These developments create uncertainty for businesses and households and will have a negative impact on the economy," said Mr. Kanda.

Bank of New Zealand currency strategist Jason Wong said Japanese officials are in the early stages of putting pressure on the yen, which could continue for some time, depending on how the yen moves.

The yen is expected to be one of the weakest currencies next year

"The yen is likely to be one of the weakest currencies next year. I'm not sure how we can get out of this," said Mr. Sasaki.

Mr. Sasaki worked as a trader at the Bank of Japan and was involved in currency intervention in the 1990s.

In early trading in Tokyo on Thursday, the dollar/yen was trading around 147.60. In recent days, the dollar has continued to strengthen on the grounds that strong economic data support the Federal Reserve's high policy interest rate, and the dollar/yen has risen to 148 at one point.

Sasaki's forecast for the dollar/yen is higher than the median analyst forecast in a Bloomberg survey, which showed the dollar/yen pair was expected to be at 140 in the fourth quarter and 129 next year.

Sasaki recommends shorting the yen against some major currencies, including the U.S. dollar, and expects multiple yen crosses to reach higher levels next year.

The yen has weakened against all G10 currencies this year as the Bank of Japan has maintained a dovish stance and other central banks have resorted to rate hikes.

Since 2016, the Bank of Japan's policy rate has remained at -0.1%, while the US policy rate has now risen to 5.5%.Could the Japanese authorities intervene only after the USD/JPY hit 155?

In addition, regarding the risk of intervention in the foreign exchange market, Sasaki said that the Japanese government may not step in and buy yen until the USD/JPY reaches 155.

He pointed out that the yen had fallen below the level that prompted government intervention last year.

"With yen-buying intervention, they can't fail," Mr. Sasaki said. "They need to dip into their limited foreign exchange reserves. So I don't think they will do yen-buying intervention so frequently."

Goldman Sachs also said at the end of August that if the Bank of Japan persists in its dovish stance, the yen may fall to the 155 level against the dollar in the next six months, which means that the yen will hit its lowest level in more than 30 years.

Goldman Sachs strategists led by Kamakshya Trivedi said that as long as the Bank of Japan does not raise interest rates and the Japanese stock market is well supported, the yen should continue to weaken, with a test of 155 in the next six months.