Japanese Yen: Strong CPI backs BoJ hikes as USD range set to hold - BBH

Brown Brothers Harriman (BBH) strategist Elias Haddad describes the Japanese Yen (JPY) as leading gains and acting as an ultimate refuge currency, supported by hotter Consumer Price Index (CPI) and steady Purchasing Managers' Index (PMI) data that back additional Bank of Japan (BoJ) hikes. However, with inflation still below BoJ projections and limited near-term hike odds, he expects USD/JPY to hold in a defined range unless risk-off intensifies.