JPY is trading stronger on the back of solid inflation data, BoJ Gov Ueda comments

The data from Japan is here:

• Japan Services Producer Price Index (April 2025) +3.1% (expected +3.0%, prior +3.1%)

And Ueda here:

• Bank of Japan Governor Ueda - close to inflation target but not quite there

Ueda's remarks were not overly hawkish (see that link above) but nevertheless the yen has gained ground sharply:

Ueda's message remains that Ueda said the BOJ will continue to raise rates, depending on economic and price conditions. He notably also said that Bank needs to be wary of the impact of food prices on Japan’s underlying inflation.