The Japanese yen has surged across the board, as Japanese officials have expressed intentions to boost Japanese assets.

Japanese Finance Minister Kozue Katanoyama and Minister of Economic and Fiscal Policy Jounai Minoru's remarks have helped to push the yen to strengthen across the board today. Both denied putting pressure on the Bank of Japan to maintain interest rates unchanged, and urged GPIF to invest in Japan. Kozue Katanoyama's remarks urging GPIF and other investors to increase their investment in Japan sparked strong reactions. After this news came out, the yen, Japanese government bonds, and the stock market all rose. The USD/JPY exchange rate on the EBS platform plummeted from 162.43 to 161.45. Investors with long positions reduced their positions, and foreign investors may have also made adjustments through forex hedging. The weakening of the US dollar is seen as favorable for Japanese importers. Due to rising fuel costs and the weakening yen, Japan's wholesale inflation rate in June reached its highest level in over three years. The daily chart shows that the USD/JPY has fallen back to the Ichimoku equilibrium baseline region around 161.17.