0603 GMT - Long USD/JPY positions serve as a hedge against escalating geopolitical risks in the Middle East with positive carry, five members of the BofA Global Research team say in a research report. They point to the U.S. being largely energy-independent. Japan, on the other hand, imports nearly all of the petroleum it needs. The members note that more than 90% of Japan's petroleum imports come from the Middle East, the highest dependency among G-10 economies. Hence, they recommend a long USD/JPY position, with a target of 152.00 and a stop-loss order at 142.00. USD/JPY rises 0.7% to 147.14, LSEG data shows. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
June 23, 2025 02:03 ET (06:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.