Nomura Client Survey

Research evidence excerpt

Nomura Client Survey

Global Markets Research

24 July 2026Nomura Client Survey

Foreign Exchange - Global

Research AnalystsExpectations for a shorter rate-hike interval

Global FX Strategyaccounted for two-thirds of responses

Yujiro Goto - NSC

Current GPIF-related news flow is seen as having a limited impact on yujiro.goto@nomura.com

each asset class. +81 3 6703 1120

Yusuke Miyairi, CFA - NIplc

• The timing of BOJ rate hikes: The consensus expects the BOJ to skip a rate hike at yusuke.miyairi@nomura.com

the July meeting. Around two-thirds of respondents expected the interval from the +44 (0) 20 7102 4145

previous rate hike to be shorter than six months.

Tomoki Hideshima - NSC

• The BOJ’s terminal rate: Compared with the previous survey, fewer respondents tomoki.hideshima@nomura.com

expected the BOJ to raise rates to 2% or higher. Views that the BOJ will only be able +81 3 6703 1427

to raise rates to below 2% accounted for around 60% of responses. The view that the Yuki Kodera - NSC

BOJ will be unable to raise rates after the terms of Board members Tamura and yuki.kodera@nomura.com

Takata end may have become more widespread. +81 3 6703 1281

Global Economics • FX impact of additional BOJ rate hikes: A majority of respondents expected yen

appreciation and dollar depreciation in response to a BOJ rate hike to be limited to Kyohei Morita - NSC

around 0–1%. kyohei.morita@nomura.com

+81 3 6703 1395

• The outlook for each asset class following GPIF-related reports: Expectations are Uichiro Nozaki - NSC

rising for an expansion of the GPIF’s investment in domestic assets. At this stage, uichiro.nozaki@nomura.com

however, many respondents see the impact on markets as limited. If more credible +81 3 6703 1284

additional information emerges, a “triple rally” reaction could occur.