Today in Japan was published a block of controversial macro statistics. Thus, household spending fell in February by 2.5%, against growth by 1.1% in January, unemployment reduced by 0.1% to 3.6%, while retail sales increased by 3.6%, which is 0,8% less than in the previous period. Despite the loose monetary policy of the Bank of Japan, inflation remained at 1.3% which is lower than the target level of 2.0%. Support to
the quotations of the Japanese currency has a currency inflow from the overseas offices of Japanese corporations, which is due to the completion of the fiscal year, as well as tensions between the West and Russia, which increases the demand for the yen as a defensive asset. Considering Bank of Japan's policy aimed at rising inflation and the devaluation of the yen, as well as the strengthening of the dollar, we reserve the medium and long term positive outlook for the USD/JPY.