UBS forecasts a decline in the euro/yen pair, predicting it will fall to 151 by the end of 2025 and 145 by the end of 2026, driven by increased confidence in the Bank of Japan's interest rate policies. The bank warns that potential political uncertainty in France could impact foreign investment in French bonds, which has been crucial for the euro's strength, suggesting that the current situation may have a more significant and lasting effect than previously observed.