1e:I[63804,["9932","static/chunks/f885ef2c-7ebb9e1721868a6c.js","9897","static/chunks/9897-96ec494a15704266.js","4005","static/chunks/4005-91527498371a33b2.js","1072","static/chunks/1072-f3a8b8d52bce392c.js","855","static/chunks/855-257681ece454ab5c.js","8893","static/chunks/8893-32498a1128c99d36.js","1094","static/chunks/1094-e2bede973ee0fcba.js","9284","static/chunks/9284-068f1ad44b874c8b.js","5273","static/chunks/5273-3cce18faf12756e1.js","105","static/chunks/105-0cf779e7b5058905.js","4829","static/chunks/4829-7b13beeeedae7862.js","3087","static/chunks/3087-c8e5e33deecc4866.js","5248","static/chunks/5248-bf0f20ea4abf851e.js","6657","static/chunks/6657-9f3a316f8a0330e2.js","4270","static/chunks/4270-748613e9acaa4c68.js","4814","static/chunks/4814-3bc70f634fbceb50.js","7585","static/chunks/7585-fbefd99900318484.js","3395","static/chunks/3395-5e5d4bbd33045d00.js","6254","static/chunks/6254-28ed0157a8d849f8.js","1296","static/chunks/1296-319cf2b444d445de.js","2513","static/chunks/2513-39e68f1f69ce956a.js","7946","static/chunks/7946-aed52829e81f011b.js","2587","static/chunks/2587-eac60cde6eed67fc.js","9077","static/chunks/9077-f55f5027eea98819.js","4586","static/chunks/4586-a728942e41fb5211.js","261","static/chunks/261-cef09c623d6f421f.js","8968","static/chunks/8968-ecafb004492a8251.js","5458","static/chunks/app/dashboard/episodes/%5Bid%5D/page-92b6603a6d145e67.js"],"default"] 1f:T56f,

Arindam Sandilya, James Nelligan and Patrick Locke discuss the FX outlook in the context of the weekend’s Japan elections, US policy volatility and an upcoming ECB meeting.

This podcast was recorded on 18 July 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5032510-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

Global FX: Japan & US policy implications for FX

At Any Rate