Global FX Strategy: What next for JPY?

Research evidence excerpt

Global FX Strategy: What next for JPY?

Global FX Strategy

03 August 2026 Citi Research

RESEARCH ANALYST AFFILIATIONS / NON-US RESEARCH ANALYST DISCLOSURES

The legal entities employing the authors of this report are listed below (and their regulators are listed further herein). Non-US

research analysts who have prepared this report (i.e., all research analysts listed below other than those identified as employed

by Citigroup Global Markets Inc.) are not registered/qualified as research analysts with FINRA. Such research analysts may not

be associated persons of the member organization (but are employed by an affiliate of the member organization) and therefore

may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and

trading securities held by a research analyst account.

Citigroup Global Markets Inc. Daniel Tobon; Brian Levine

Citigroup Global Markets Japan Inc. Osamu Takashima

OTHER DISCLOSURES

Any price(s) of instruments mentioned in recommendations are as of the prior day’s market close on the primary market for the

instrument, unless otherwise stated.

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time displayed at the top of the Product. If the Product references views of other analysts then please refer to the price chart or

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change(s) and the date of that previous recommendation are indicated.