USD/JPY: broader tone remains dominant - Scotiabank

Analysts at Scotiabank explained that JPY is consolidating within a remarkably tight range.

Key Quotes:

"The broader tone remains dominant and we note the limited response to Moody’s credit rating downgrade of China. Overnight comments from BoJ Gov."

"Kuroda had no discernible impact on JPY, and we note the absence of domestic releases ahead of Friday’s (Thurs. NA PM) CPI data for April."

"Near-term risk lies with the release of the FOMC minutes."