The price of the Japanese yen continued to strengthen due to a number of factors. The head of the Bank of Japan, Haruhiko Kuroda said that the regulator has no plans to use additional measures to stimulate inflation in the near future. In addition, the fall in oil prices and the expectation of tomorrow's publication of reports on GDP, industrial production and investment in China, supports the demand for defensive assets. Our medium-term outlook for the Japanese currency remains negative due to the expected decline in demand for protective assets, and the strengthening of the US dollar against the background of tighter US monetary policy during the year. We are waiting for a signal to buy USD/JPY.