Longtime yen bear Nomura Holdings Inc. has finally bowed to the market forces that drove the currency to ¥99 per dollar for the first time since 2011.
It is far from alone. HSBC Holdings PLC, Citigroup Inc., and Mizuho Financial Group Inc. join Japan’s biggest brokerage in raising year-end yen forecasts by as much as 20 percent after the U.K.’s decision to leave the European Union spurred a rush for the currency as a haven.
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