Yen Strengthens Sharply on Fundamentals
The Japanese Yen has strengthened sharply in recent days, pushing USD/JPY back towards the 155.00 support level.
This move appears to be fundamentally driven rather than intervention-led, according to MUFG's Lee Hardman.
Markets are pricing in faster Bank of Japan tightening and a likely rate hike this month, which is supporting the yen.
Hawkish comments from BoJ officials, including Governor Ueda, have also signaled that a rate hike is likely this month.