The Japanese yen picked up a bid a few minutes before press time, possibly in response to Japanese Finance Minister Aso’s comments that BOJ’s fight against deflation is a mistake. The currency pair hit an 11-day low of 111.65 before trimming losses, possibly on dovish comments from a Senior BOJ official. The bid tone around the Japanese yen strengthened, pushing the USD/JPY pair down by 33 pips to an 11-day low of 111.65 earlier today after Japan’s Finance Minister called the Bank of Japan’s (BOJ) and the Japanese government’s fight against deflation a mistake. The Finance Minister said both institutions made a mistake by combating falling price pressures during the Heisei period, which started in February 1989 and is set to end on April 30, 2019. Aso added further that Japan has no intention of testing the modern monetary theory, which states that countries which issue their own currency can never “run out of money”. Aso’s comments could bolster the already strong speculation that the Japanese central bank has run out of ammo. Further, it indicates growing discomfort among policymakers of having to run a “flood-like” stimulus. The JPY, therefore, could continue to rise during the day ahead, more so, if the oil rally ends up triggering risk aversion. As of writing, the USD/JPY pair is trading at 111.77. The minor recovery from session lows could be associated with the latest comments from BOJ officials that the central bank can do more if needed. Technical Levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD: Tailwinds for the currency, not a case for RBA rate cuts – Goldman Sachs FX Street 4 years The Japanese yen picked up a bid a few minutes before press time, possibly in response to Japanese Finance Minister Aso's comments that BOJ's fight against deflation is a mistake. The currency pair hit an 11-day low of 111.65 before trimming losses, possibly on dovish comments from a Senior BOJ official. The bid tone around the Japanese yen strengthened, pushing the USD/JPY pair down by 33 pips to an 11-day low of 111.65 earlier today after Japan's Finance Minister called the Bank of Japan's (BOJ) and the Japanese government's fight against deflation a mistake. The Finance Minister said both institutions… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.