Over the weekend, and continuing, protests in China:

The early moves were flows into the USD on a 'haven' basis (and out of 'risk):

USD/JPY traded higher but it was a laggard, the yen not losing as much ground as AUD, EUR and others. Yen is a haven flow also. We then had remarks from Bank of Japan Governor Kuroda and Japanese PM Kishida which further bolstered JPY :

Higher wage growth is exactly what the BOJ has been itching for. Up to now the Bank attributes higher Japanese inflation to cost-push factors (higher import prices and weaker yen combined) and says this 'cost push' inflation is transitory. Wage growth, on the other hand, would be supportive of more stable and sustained CPI growth.

USD/JPY is down a hundred-odd points:

usdyen 22 28 November 2022