USD-JPY rallied to a one-month peak of 111.32, partly reflecting broader dollar gains and partly broader yen weakness. The gains in the U.S. currency reflect the rekindling of expectations in Fed tightening expectations, while, despite this, generally firmer stock markets in Asia have encouraged yen selling. The consensus view is that the BoJ will also expand monetary policy by July. The Apr-25 peak at 111.89 provides the next upside waypoint for USD-JPY. Japanese retail sales data today fell 0.8% y/y in April after -1.0% in March.
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