Statistics on industrial production in Japan today has led to the strengthening of the yen against the US dollar after the sharp drop caused by the hawkish Fed statement on monetary policy. In September index rose by 1.0%, which was significantly better than the expected decline of 0.5% and reduced production by 1.2% in August. This indicator showed growth for the first time in three months, which reduces the chance of increasing stimulus measures by the Bank of Japan. We recall that tomorrow will be published a statement by the Japanese regulator on monetary policy and will be announced forecasts for the economy and inflation in the country. We expect increased volatility and maintain the medium-term negative outlook on the yen.