The G7 Communique gave vague support to Japan to prop up the yen

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:

• Yen traders heads up – Japan finance minister Suzuki denies bilateral meeting 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:

Still to come:

• Economic calendar in Asia, Monday, 27 May 2024: BoJ Governor Ueda speaks (and his deputy)

This article was written by Eamonn Sheridan at www.forexlive.com.