Japanese Yen: No Surprises from BoJ Minutes

[B]The Japanese Yen strengthened against the commodity currencies but weakened against most of the other majors. Fear that the central bank could soon deliver an interest rate hike has prevented the yen from weakening further. [/B]

[B]With recent movements by the Chinese, the pressure is now on the Japanese to take action against excessive yen weakness. The minutes from their April monetary policy meeting revealed that the central bank is expecting upward pressure in consumer prices over the long term, but so far, there is not enough convincing evidence for the central bank to raise rates. [/B][B][/B]