[Franklin Templeton: USD/JPY may fall to 150 or lower in the next 12 months] On November 10th, Franklin Templeton said that the Bank of Japan is more hawkish than market expectations and its terminal interest rate may exceed 2%. Portfolio manager Carol Lye said in an interview with Bloomberg TV that USD/JPY could fall towards 150 or even lower in the next 12 months. She is bearish on the dollar because artificial intelligence (AI) capital spending momentum has weakened, which will drag down overall U.S. economic growth; she expects data center construction to slow down in 2028. She expects U.S. bond yields to range from 4.5% to just over 5%. Favoring Indian and Philippine bond markets after yields jumped sharply. Weak economic growth in the Philippines will limit the central bank’s room to further raise interest rates.