Analysts at Scotiabank explained that JPY’s performance through this period of renewed risk appetite is notable, given its failure to weaken in what would be an anticipated reversal of the haven-driven gains resulting from last week’s turmoil. Key Quotes: "Relative central bank policy is likely playing a dominant role, as we consider Wednesday’s Fed minutes and their confirmation of a moderation in the Fed’s hawkish bias amid a tightening in financial conditions." "Local media comments also underscore a moderation in official pressure for further BoJ stimulus at the upcoming meeting on March 15th. Lastly, BoJ policymaker Ishida (a dissenter to the most recent policy decision introducing a negative interest rate) reaffirmed his expectations for the achievement of 2% inflation as he underscored the importance of market sentiment in influencing the near-term effectiveness of negative interest rates." For more information, read our latest forex news.