UBS now sees the dollar trading at Y85 against the dollar by the end of the year, compared with its previous forecast of Y80. By the end of 2013, it forecasts the dollar to trade at Y90.
It also changed its forecasts for the euro against the yen and now sees the single currency at Y98 by end-2012 from Y92 previously. UBS expects the euro to be at Y99 by end-2013, compared with its previous forecast of Y93.
The bank said the change to its forecasts is in line with its generally bullish view on the U.S. dollar and also follows the more aggressive action taken by the Bank of Japan to ramp up its asset purchase program last week.
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