USD/JPY Above 148.00, Underperforms As Dovish BoJ Weighs

USD/JPY tracks in the 148.30/40 region in early dealings today. Highs were just above 148.40 on Friday, with dips in the pair supported post the Asia close. The yen lost 0.53% for Friday's session, the weakest performer in the G10 space.

• BoJ Governor Ueda pushed back against a near term shift in policy at the press conference on Friday, post the BOJ's dovish hold earlier. The Governor stating that the distance from being able to adjust negative interest rates hasn't changed much.
• This relatively dovish backdrop is keeping yen on the backfoot. In terms of technicals, focus is on a climb towards 148.60 next, a Fibonacci projection, with scope seen for a climb towards the 150.00 handle. The 20-day EMA sits back at 147.12 (based off Friday closing levels).
• The yen didn't receive much support from a pull back in US yields through Friday NY trade, while firmer China equities saw yen underperform against AUD and NZD.
• Over the weekend, local media reported that government will boost take-home pay for part time workers to help address labor shortages (see this link).
• The local data calendar just has August department store sales on tap today.