Longtime yen bear Nomura Holdings Inc. has finally bowed to the market forces that drove the currency to ?99 per dollar for the first time since 2011.
It is far from alone. HSBC Holdings PLC, Citigroup Inc., and Mizuho Financial Group Inc. join Japan¡¯s biggest brokerage in raising year-end yen forecasts by as much as 20 percent after the U.K.¡¯s decision to leave the European Union spurred a rush for the currency as a haven.
The median of estimates compiled by Bloomberg shifted 3.6 percent stronger in June, the most for year-end forecasts within any year since 2011, when the yen was on its way to a record high following the devastating earthquake and tsunami in March.
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