FXStreet (Guatemala) - Analysts at Bank of Tokyo Mitsubishi explained that although there were no surprises from the BoJ last week USD/JPY has been drifting slowly higher, supported by renewed expectations of a Fed rate hike on 16th December. Nonfarm Payrolls: Can it confirm a December rate hike? Key Quotes: "The fact that Japanese equity markets have performed well, perhaps in part due to Japan Post Bank’s IPO, further helps the positive USD/JPY sentiment." "Friday’s US non-farm payroll data may encourage USD/JPY buying if it comes in better than market expectations. The prospects for a continued rise in USD/JPY may by questioned given US equity market valuations start to look more stretched - overall P/E levels have hit around 17. At the same time, the recent US 2-year UST bond rate tipping just over 0.8% may start to weigh on US stock market sentiment as well. Market expectations for further monetary easing by the ECB will likely weaken EUR but not JPY, amongst major currencies." For more information, read our latest forex news.