Wells Fargo Recommends Selling Yen, Sees BOJ Falling Short of Hawkish Bets

This is a call about positioning risk into a central bank meeting, not a view on the yen's fundamentals. The significance is that sell-side desks are flagging how much hawkishness is already embedded in the rate path, which means the bar for a yen-positive surprise is unusually high. The bank's own framing — hard to meet, harder to beat — is effectively an argument that asymmetric risk sits with yen longs. What matters next is whether the BOJ validates or undercuts that priced-in path; that gap between expectation and outcome is where the volatility lives.