The Governor of the Bank of Japan hinted at supporting further interest rate hikes, leading to a stronger yen.

On May 27, the yen strengthened against other G-10 and Asian currencies in early trading after Bank of Japan Governor Kazuo Ueda made remarks hinting at support for the Bank of Japan's further interest rate hikes. Kazuo Ueda said at a meeting of the Institute of Monetary and Economic Studies held by the Bank of Japan that the Bank of Japan will continue to raise interest rates according to economic and price conditions, and the central bank needs to be vigilant about the impact of food prices on potential inflation in Japan.