According to Jin Ten Data, Mitsubishi UFJ analyst Derek Halpenny stated that the yen will continue to be supported, as the Bank of Japan tends to further raise interest rates, while other G10 central banks are cutting rates. Even if the Bank of Japan stops raising interest rates, it is unlikely to resume monetary easing policies.
U.S. Treasury Secretary Becerra will meet with Japanese Finance Minister Kato Katsunobu this week to discuss foreign exchange and other issues. Halpenny noted that Becerra believes that 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.