UBS - "This year we have been bearish on the yen and the pound's near term outlook. Over a three month timeframe we have projected declines to 95 and 1.53 against the dollar respectively. Recent events have resulted in these short run forecasts being met and suggest that the longer term picture will remain challenging. As a result we downgrade our end 2013 forecasts for both currencies. We now expect USDJPY to trade at 100 by the end of the year, compared to 85 previously, and for GBPUSD to trade at 1.41, in contrast to our earlier forecast of 1.56. In addition, we continue to see EURUSD falling to 1.20 in 2013. Thus we expect EURGBP to finish the year at 0.85 now."