Yen Surge to Eight-Month High Versus Euro Imperils Kuroda Legacy
- Japan's currency will rise to 114 per euro in 2016, BofA says
- Gains helped slow exports by most in 3 years in November
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The yen’s first annual gain versus the euro since 2011 is cementing speculation that the currency’s lows are behind it, dealing a blow to Japan’s struggling exporters.
Under the most bullish analyst forecast -- Bank of America Corp.’s -- the yen would this year undo all of its losses since the Bank of Japan unleashed record monetary easing in 2013. The currency has surged to the highest level since April as a plunge in stocks boosts demand for safer assets. Its strength may already be making Japanese exports less competitive, with shipments falling the most in almost three years in November.