JPY Q2 2021 Fundamental Forecast 2021-04-04 15:30:00 Daniel Dubrovsky, Strategist Japanese Yen Fundamental Outlook: Is It Really all Gloom and Doom? Japanese Yen First Quarter Recap – Dominant Downtrend Accelerated As anticipated, the Japanese Yen started off the new year on a sour note. Taking a look at a majors-based index on the chart below, JPY weakened as much as 6 percent before cautiously stabilizing towards the tail end of March. The anti-risk currency remained fairly depressed despite some emergence of global stock market volatility, especially from the technology sector. This could spell some trouble for the Yen as traders further settle into 2021.