USDJPY

Bank of Japan Governor Kazuo Ueda hinted at a possible rate hike during the Jan. 23-24 meeting, which boosted the yen. Although a 25 basis points rate hike to 0.50% is expected, the BOJ's cautious history leaves traders wary

A rate hike could strengthen the yen but also trigger volatility in the market. Japan's low interest rate policy has long supported growth, so traders will keep a close eye on any developments