Today have been published important data on industrial production in Japan, which fell by 6.2% in February, against a growth by 3.7% in January. It is worth noting that analysts had forecasted a decline by only 5.8%. Despite this statistic, the yen was higher against the US dollar. The main reason for such dynamics has become soft rhetoric of the Fed chief regarding the increase in US interest rates. According to our estimates, the growth potential is limited and we are waiting for the resumption of the negative dynamics of the yen with the potential of decline by 6-8% in the coming months.