USD/JPY: Bullish to 111.50 - Scotiabank
Analysts at Scotiabank explained that USD/JPY
is consolidating around the mid-point of its five-session range roughly
bound between 108.20 and 109.50, and they look to continued gains
"JPY has largely ignored comments from Vice Minister of Finance for International Affairs Masatsugu Asakawa, speaking to intervention using language similar to that seen in G7 and G20 communiques."
"The comments also largely echoed those from officials Aso and Hamada, all asserting Japan’s sovereignty in FX matters while maintaining the ‘option’ to use intervention in response to disorderly movement."
"In terms of fiscal policy, risk surrounds the potential for a delay in the consumption tax hike."