CIBC on top with stable yen forecast
Canadian Imperial Bank of Commerce (CIBC) has topped this week's 12-month currency forecast rankings with a long-term view that the Japanese yen would hold its value against the euro and the US dollar, despite a subdued economic environment.
On September 23, 2011, with USD/JPY trading at 76.21 and EUR/JPY at 102.51, CIBC predicted the Japanese currency would hold steady at 75 against the dollar, and 102 against the euro in 12 months' time. Both forecasts came close to the spot rates on September
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