USD/JPY

Fundamentals favour the US Dollar by 31 points.

On the Macro Currency Strength Meter, the US Dollar scores +12 and the Japanese Yen scores -19 — a gap of 31 points in favour of the US Dollar. The widest divergence is in growth, which favours the US Dollar. All else equal that gap is a fundamental tailwind for the US Dollar against the Japanese Yen — though markets may already have priced much of it in.