USD/JPY is up 44 pips to 148.11 today, which is the highest since Wednesday.The dollar is broadly strong over the past hour and that's helping to lift the pair. Treasury yields have climbed 2-4 bps across the curve with the help of strong consumer spending in the PCE report and a sizzling pending home sales report.The bigger driver for this pair might have been Japanese data released earlier that showed Tokyo January CPI excluding fresh food rose 1.6% compared to 1.9% expected; a sharp decline from 2.1% a month earlier.The data hints that the BOJ won't have to hike rates any time soon, though they could choose to take steps towards normalization even with low prices. They may even start to n
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