Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair surged up to 114.71 this Monday, with the Japanese yen under pressure on improved market mood and poor local data. Key Quotes: "The release of a disappointing GDP report for the last quarter of 2015 showed that the economy contracted by the end of the year by 1.4%, fueling hopes of further easing coming from the BOJ next March. Also, a sharp increase in the Yuan prevented Chinese shares from plummeting in the first day of trading after the long holiday, boosted Asian markets, sending the Nikkei sharply higher. Yen weakened against all of its major rivals, but the decline was proportionally poor, as the pair added barely 100 pips daily basis." For more information, read our latest forex news.