Yen Flat as BoJ Tightening Expectations Shift to September

The Japanese Yen (JPY) has been trading in a relatively flat range against the US Dollar (USD), with USD/JPY prices stuck between 158.00 and the mid-159s, according to Scotiabank strategists Shaun Osborne and Eric Theoret.

This stability comes as media reports suggest major banks have shifted their Bank of Japan (BoJ) tightening calls to September, which has lifted pricing for a BoJ meeting in that month to about 20 basis points (bps).

Despite this shift, the yen remains soft, down by a fractional 0.1% against the USD and underperforming all G10 currencies except the Norwegian Krone (NOK),