Analysts at Scotiabank explained that the JPY is weak, a notable underperformer. Key Quotes: "JPY has fallen for six of the last 7 sessions, pressured by the improvement in the broader tone following the mid-month Fed meeting. Domestic developments have centered around Japan’s fiscal outlook and rumors of a delay to the April 2017 consumption tax hike. Risk lies to the downside, as we consider its relative overvaluation to fundamental measures with JPY trading well above levels implied by yield spreads. Sentiment has also shifted dramatically, with a steady climb in risk reversals suggesting a continued moderation in demand for protection against downside risk in USDJPY (JPY strength). USD/JPY has returned to the upper end of its range from mid-February and appears set to make continued gains toward 115." For more information, read our latest forex news.