On June 14th, Jinshi Data reported that HSBC strategists Joey Chew and Paul Mackel stated that HSBC raised its expectations for the US dollar against the yen, because the time when the Fed's critical point appears will be delayed, but HSBC still expects the yen to rebound in the next 12 months. HSBC raised its forecast for the US-Japan 2024 fourth quarter from the previous 145 to 152, and raised its forecast for the second quarter of 2025 from 143 to 148. The strategist also stated: 'We still believe that the US dollar against the yen will decline in the next 12 months, but we have adjusted the forecast trajectory to make the critical point appear later this year, when the Fed may cut interest rates and the market will pay more attention to the risks around the election.' HSBC expects the Fed to cut interest rates in September.