The Japanese Yen managed to post gains against most of its peer currencies last week, ending a multi-week trend of broad weakness. USD/JPY was one of the biggest losers as Covid fears intensified, driven by the highly contagious Omicron variant. That pushed haven flows into the Japanese currency, but the strength likely won’t last. That is because the Japanese economic recovery is lagging behind its peers, which will almost certainly keep the Bank of Japan’s (BoJ) dovish policy outlook unchanged. The BoJ will release its first policy decision of the year on Tuesday. There is a near zero chance of a rate hike, but ... (full story)