UBS has raised its USD/JPY forecasts, projecting rates of 155.00, 152.00, 150.00, and 147.00 for December 2024, March 2025, June 2025, and September 2025, respectively, with a new target of 145.00 for December 2025. The note indicates a potential near-term rise to 158.00-160.00 if 10-year yields increase by 30-40bps, but views this as a peak likely to reverse in the medium term. Political dynamics, including President-elect Donald Trump's stance on JPY weakness, suggest mutual interests may favor a stronger yen.