USD/JPY flows: Taking a breather after stronger U.S. CPI

After a strong gain on U.S. CPI Wednesday, USD/JPY is taking a breather on Thursday's Asia session. The January Japan PPI continues to edge higher but so far that has not been a good indicator of incoming inflation. Yet, it reminds market participants that the cost pressure in Japanese inflation are returning, whether transitory or not.

USD/JPY is trading 0.03% lower at 154.36.