USD/JPY Softens on Dovish Comments and Fiscal Repatriation Flows
Societe Generale's FX team reported that the USD/JPY trading range overnight was between 156.38 and 157.52, a relatively narrow band.
The pair was mildly offered due to dovish comments from New York Federal Reserve President John Williams and repatriation flows related to the fiscal half-end.
This led to a softening of the dollar/yen rate as markets repriced US interest rates.