Risk aversion and a strong bid in US bonds are the main driver for USD and USD/JPY weakness today but one factor is a comment from the BOJ's Seiichi Shimizu. He said the BOJ needs to be very careful in raising rates because inflation expectations are still below 2%
USDJPY daily chart
USD/JPY has now retraced almost exactly 50% of the post-Takaichi pop. Coalition talks are ongoing and that could be the next big driver.
