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On Tuesday, the Japanese yen gained strength, approaching 156 against the dollar, bouncing back from two-week lows. This shift was driven by increased expectations that the Bank of Japan (BOJ) will continue to raise interest rates throughout the year. On Monday, BOJ Governor Kazuo Ueda emphasized that the central bank will adjust rates in response to evolving economic conditions and pricing trends, as projected in its forecasts. His statements underscored a growing belief that Japan is transitioning from its prolonged deflationary phase to a more sustainable economy characterized by growth. Ueda also anticipated that the economy would maintain a virtuous cycle, marked by moderate, simultaneous increases in both wages and prices. Meanwhile, investors remained vigilant about the possibility of currency intervention, as business leaders called on the government to address the yen's depreciation and to foster a stronger currency.
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