Analysts at Scotiabank noted that the JPY is weak and a mid-performer among the G10 in an environment of broad-based USD strength. Key Quotes: "Market participants are reassessing the shifting outlook for Fed normalization in light of last week’s recalibration and the subsequent parade of hawkish policymakers hinting to their support for an April hike. The modest deterioration in the broader market tone does not appear to be helping JPY catch a safe-haven bid, leaving it vulnerable to further weakness on the back of positioning adjustments as we consider the dramatic build in bullish sentiment on a YTD basis. Risk reversals have shifted dramatically, the one month measure reaching levels last seen in late December suggesting an impressive moderation in demand for protection against USD/JPY downside." For more information, read our latest forex news.