ING forecasts yen to offer best FX risk-reward in 2027

A single bank's medium-term FX call, offered without targets or supporting detail, is less a market signal than a marker of where sell-side conviction is forming on the yen. Its significance lies in the currency's role as a funding leg for carry trades that reach into crypto and other risk assets, so the framing of yen risk-reward matters beyond FX desks. Whether other houses converge on the same view, and whether the setup ING cites actually materializes, is the open question.