Firmer On BoJ Summary Of Opinion Headlines

USD/JPY has moved off earlier highs, last near 155.30, just up from session lows (155.17). Earlier highs came in at 155.59, so a modest move at this stage, around a 0.15% gain in yen terms.

• The dip in the pair came as headlines from the BoJ Summary of Opinions from the April policy meeting printed. Of note was one member stating that the rate path could be higher than expected. Discussions on rate hike timing should also deepen, was what another member noted (BBG).
• Other members noted the weak yen may speed up the policy normalization process. Another member noted that financial conditions should stay easy for now.
• On balance the hawkish lean from the comments is aiding yen. Note the next policy meeting is in mid-June. Such comments may raise focus on risks a follow up tightening is delivered at this meeting.
• Earlier we had March April wages data. The headline readings were softer, but the same sample base readings painted a resilient picture.
• Currency Chief Kanda also stated that the authorities are ready for intervention at any time and that limits on FX intervention are not true (per RTRS).