Mitsubishi UFJ: The Bank of Japan's policy stance may continue to support the Japanese yen.

Mitsubishi UFJ's analyst Derek Halpenny stated in a report that the Japanese yen should continue to be supported as signals from the Bank of Japan still lean towards further rate hikes, while other G-10 central banks are cutting rates. "Even if the Bank of Japan ultimately does not raise rates further, it is unlikely to revert to monetary easing policies, which will continue to support the yen." Meanwhile, US Treasury Secretary Besant and Japanese Finance Minister Kato Katsunobu will meet this week to discuss issues including foreign exchange. Halpenny said that Besant believes that the Bank of Japan's monetary policy has led to the overvaluation of the USD to JPY exchange rate, which could suppress the Bank of Japan's willingness to cut rates.