The Japanese Yen (JPY) is down a marginal 0.1% against the US Dollar (USD) and once again underperforming all of the G10 currencies—albeit this time in quiet trade, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Markets get little guidance from BoJ Gov. following meeting with PM

"Tuesday’s global bond market turbulence looks to have calmed somewhat, but higher yields remain a risk for the JPY and a core concern for the BoJ as similar developments in April had pushed the central bank to the sidelines and forced a pause in the tightening cycle."

"BoJ Gov. Ueda is said to have met with PM Ishiba, and post-meeting comments offered little in terms of policy intentions. For USDJPY, we note the bullish break of the 200 day MA (148.86) opening up the risk of a push to 150 and the recent highs around 151. Momentum is bullish with an RSI at 57."