Parisha Saimbi, an Asian foreign exchange and interest rate strategist at BNP Paribas, said that next year's global macro environment should “be relatively favorable to risk sentiment, and this environment is generally conducive to arbitrage strategies. She expects the dollar to rise to 160 against the yen by the end of 2026. She added that strong demand for arbitrage, the Bank of Japan's prudent policies, and the Federal Reserve's probably more hawkish position than expected could keep the exchange rate high.

Parisha Saimbi, an Asian foreign exchange and interest rate strategist at BNP Paribas, said that next year's global macro environment should “be relatively favorable to risk sentiment, and this environment is generally conducive to arbitrage strategies. She expects the dollar to rise to 160 against the yen by the end of 2026. She added that strong demand for arbitrage, the Bank of Japan's prudent policies, and the Federal Reserve's probably more hawkish position than expected could keep the exchange rate high.