Ella 
According to Reuters, Toshimitsu Motegi, a senior official of Japan’s ruling party, urged the Bank of Japan (BoJ) to communicate more clearly its plan to normalize monetary policy through gradual rate hikes, emphasizing that the excessive decline of the yen has had an adverse impact on the economy. Prime Minister Fumio Kishida added that the normalization of the central bank’s monetary policy will support Japan’s transition to a growth-driven economy.
The dollar’s struggles have challenged USD/JPY as market bets on a September rate cut by the Federal Reserve have risen. Fed Chairman Powell noted that he is more hopeful about progress in inflation in recent months. Meanwhile, Federal Reserve Governor Christopher Waller said the time to cut the policy rate is getting closer.
