Japan's former top foreign exchange diplomat, Takehiro Furusawa, has projected that the Japanese yen will strengthen to a range of 135 to 140 against the U.S. dollar by the end of 2025. This forecast is based on the narrowing interest rate gap between the United States and Japan. Additionally, Nomura analysts have indicated that Japanese investors are shifting away from U.S. assets, which, combined with implicit pressure from Washington regarding exchange rates, could further support the yen's appreciation. Nomura sees the risk of the USD/JPY exchange rate dropping to 136 in the coming months. The yen's expected rise is attributed primarily to these economic factors rather than political influences.