According to Jinshi, Japan's inflation data for January showed that both overall and core inflation rates fell to 1.9%, the first time below the Bank of Japan's 2.0% target since March 2022. ING Bank said this is likely to prompt the market to price in a June rate hike and increase buying pressure on USD/JPY, pushing it above the February high of 150.90 and potentially testing the November high of 151.00/152.00.