According to Jin Ten Data, Mitsubishi UFJ analyst Derek Halpenny stated that the yen will continue to be supported, as the Bank of Japan is inclined to further raise interest rates, while other G10 central banks are cutting rates. Even if the Bank of Japan does not raise rates again, it is unlikely to resume monetary easing policies.
U.S. Treasury Secretary Ben S. Bernanke will meet with Japanese Finance Minister Kato Katsunobu this week to discuss issues such as foreign exchange. Halpenny pointed out that Bernanke believes the Bank of Japan's policies have led to an overvaluation of the dollar against the yen, which may suppress the Bank of Japan's willingness to cut interest rates.