平掉美元兑日元空头仓位

Global Macro Strategy Closing our USDJPY short CITI'S TAKE Giammarco MianiAC+44-20-7986-6316giammarco.miani@citi.com On 21-May-2026 we added a USDJPY short. We have been of the view thatthe backdrop remains negative for JPY, but that intervention likelihoodcould increase post-BoJ hike, and decided to position it. While there havebeen some intervention headlines (Bloomberg, 22 June), the MoF is yet tosend clear signals. This could be due to the fact that the last leg higher inUSDJPY has been in line with the broader post-FOMC USD rally and less JPYidiosyncratic, making intervention less likely to succeed and thus lessappealing. We had better timing on our first tactical USDJPY (01-Apr-2026),less so this time. The MoF can stay patient longer than we can remain short Adam PickettAC+44-20-7500-5777adam.pickett@citi.com Dirk WillerAC+1-212-723-1016dirk.willer@citi.com Charlie Massy-CollierAC+44-20-7986-2692charlie.massycollier@citi.com Alice ZhengAC+1-212-816-0382alice.zheng@citi.com Michael Alexeev+1-212-816-1167michael.alexeev@citi.com Alex SaundersAC+1-212-723-1058alexander.saunders@citi.com Vinh VoAC+44-20-75-086-717vinh.vo@citi.com Citi Global Macro Strategy+44-20-3569-4243globalmacrostrategy@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Close Trade: Short USDJPY in $54m at 161.94 spot.Entered at 159.10 on 21-May-2026. PnL on the trade -$1.13m or -1.13% of GMS PF. Pricing as of 18:30 29-Jun-2026. For 12-month trade recommendations, please see: Global Macro Strategy - Viewsand Trade Ideas - Kevin’s World: Home Alone Without Guidance If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the Appendix A-1 ANALYST CERTIFICATIONThe research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the report IMPORTANT DISCLOSURES Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactivities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receivecompensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, andprincipal trading revenues. One factor in equity research analyst compensation is arranging corporate access events betweeninstitutional clients and the management teams of covered companies. Typically, company management is more likely toparticipate when the analyst has a positive view of the company. For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity providerin such financial instruments (and any underlying instruments) and may act as principal in connection with transactions insuch instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have been Unless stated otherwise neither the Research Analyst nor any member of their team has viewed the material operations of theCompanies for which an investment view has been provided within the past 12 months. For important disclosures (including copies of historical disclosures) regarding the companies that are the subject of this CitiResearch product ("the Product"), please contact Citi Research, 388 Greenwich Street, 6th Floor, New York, NY, 10013,Attention: Legal/Compliance [E6WYB6412478]. In addition, the same important disclosures, with the exception of theValuation and Risk assessments and historical disclosures, are contained on the Firm's disclosure website athttps://www.citivelocity.com/cvr/eppublic/citi_research_disclosures.Valuation and Risk assessments can be found in thetext of the most recent research note/report regarding the subject company. Pursuant to the Market Abuse Regulation ahistory of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity(https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years)will be provided upon request. RESEARCH ANALYST