Barclays believe that "while USD/JPY.....>

DOLLAR-YEN: Barclays believe that "while USD/JPY should range trade in the near

term, given the extended USD strength and widened yield differentials, the

eventual resumption of a medium-term USD downtrend, further BOJ policy

normalization, and diversification benefit to JPY from the accumulation of

concentration risk in USD are likely to put downward pressure on the pair over

the coming year, in our view. Risks to our USD/JPY forecasts are skewed to the

downside given the array of vulnerabilities, such as trade policy and

geopolitical developments, although still-solid demand from Japanese investors

for foreign assets may provide some support on the dip."