USD/JPY: broader tone dominant ahead of BoJ 23rd Jan - Nomura

JPY is a mid-performer among the G10 with a gain from Friday’s close.

Key Quotes:

"The broader tone remains dominant as we highlight JPY’s recent break from levels implied by spreads."

"Local media have highlighted the risk of an upgrade to the BoJ’s growth outlook, said to reflect anticipated improvements in both trade and domestic demand."

"A reminder that the next BoJ policy meeting is scheduled for January 23rd."