According to Jinshi Data, Mitsubishi UFJ analyst Derek Halpenny stated that the yen will continue to be supported because 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 stops raising rates, it is unlikely to resume monetary easing.
U.S. Treasury Secretary Besant will meet with Japanese Finance Minister Kato Katsunobu this week to discuss foreign exchange and other issues. Halpenny pointed out that Besant believes the Bank of Japan's policy has led to an overvaluation of the dollar against the yen, which may suppress the Bank of Japan's willingness to cut interest rates.