Borader market tone driving the Yen, awaiting next catalyst - Scotiabank

Analysts at Scotiabank noted that JPY is remarkably quiet with notable resilience to the broader tone of risk appetite, an environment that would typically be expected to deliver weakness and an unwind of JPY’s recent haven-driven strength.

Key Quotes:

"The BoJ’s quarterly Tankan survey has delivered stability with a slightly disappointing level of 6 (vs. 7 exp. & 6 prev.) in terms of current conditions for large manufacturers. This week’s domestic releases are minimal, leaving the focus squarely centered on the broader market tone."