The yen saw a fairly positive overnight session against most of its main currency rivals. After reaching as high as 82.60 during yesterday's session, the USD/JPY saw a downward correction and is currently trading around the 82.15 level. The EUR/JPY saw similar downward movement last night, falling just over 40 pips before staging a very minor upward correction. Currently the pair stands at 112.55.
The yen is forecasted to increase its gains today, assuming that economic indicators being released out of the US come in as forecasted. Negative US figures are likely to lessen the USD's appeal as a safe haven currency while demand for the yen will likely go up.
Tonight, traders will want to pay attention to the Bank of Japan's Monetary Policy Meeting Minutes, set to be released at 23:50 GMT. Any predictions for further growth in the Japanese economy will likely lead to further bullish movement for the yen.