Reuters carry a piece saying Japan renewed its push at the G7 to counter yen bears,. The G7 responded in its communique, says Reuters:

  • After lobbying by Japan, the G7 finance ministers reaffirmed in a communique issued after their meeting in Italy on Saturday their commitment cautioning against excess volatility in foreign exchange rates.

Yep, that's it. Otherwise Japan came away empty-handed, finance minister Suzuki didn't even get a one-on-one with yellen:

Some remarks from analysts:

  • Service-sector inflation, closely watched by the BOJ as a key indicator of underlying price trends, also remains flat. "Services inflation likely peaked out," said Junichi Makino, chief economist at SMBC Nikko Securities. "It doesn't seem like underlying inflation will accelerate towards 2%."
  • "While markets seem excited about the chance of a policy shift, the BOJ is probably cool-headed about all this," said Daiwa Securities chief market economist Mari Iwashita, who rules out the chance of a taper decision in June. "Besides, there's no guarantee such action could stop the yen's fall."

Update for USD/JPY, not a lot changed so far:

usdyen g7 communique 27 May 2024 2

Still to come: