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Odaily Planet Daily News: Strategists at Bank of America insist on the prediction that the yen will regain its downward trend before the end of the year, and expect the yen to fall below 150 against the US dollar. Shusuke Yamada, the chief Japanese foreign exchange/interest rate strategist of the bank, stated in a report that the yen may regain its downward trend as market pricing overdraws the potential rate cut by the Federal Reserve and exaggerates the prospect of capital flowing back to Japan due to the narrowing of the US dollar/yen spread. Money market pricing shows that the Federal Reserve is expected to cut interest rates by more than 100 basis points this year, while Bank of America economists predict that the Fed will cut interest rates by 25 basis points each in three rounds. The bank has slightly lowered its year-end forecast for the US dollar/Japanese yen exchange rate from 155 to 151. Yamada stated that since the 1990s, the Federal Reserve's interest rate cuts have not always been unfavorable for the US dollar/Japanese yen. The only time the US dollar/Japanese yen experienced a significant decline was during the 2007-2008 Federal Reserve interest rate cut cycle, when the global financial crisis led to the liquidation of yen arbitrage trades and a significant strengthening of the yen. Although the US job market has recently cooled down, the risk of a sustained decline in the US balance sheet and an economic hard landing remains limited. (Golden Ten)