USD/JPY flows: Summary of Opinions Seems Hawkish

The BoJ December Summary of Opinions seems to be supportive of a higher neutral rate and is seen supporting the JPY after Christmas. The summary highlighted real wage to be increasingly positive and stronger growth from stimulus in 2026. It also indicates low interest rate has been hurting the JPY yet nominal rate is already at a level not seen in years, thus warranting caution and patience to observe its impact.

USD/JPY is trading 0.14% lower at 156.26.