ANZ Bank stated that the yen may continue to trade weaker than 150 against the U.S. dollar due to the Bank of Japan's cautious approach toward monetary policy normalization.

"Governor Ueda's speech later today will be critical, but he is likely to emphasize a data-dependent and prudent stance regarding further rate hikes," said strategist Felix Ryan.

"Given the Fed's recent tone, USD/JPY could remain elevated in the near term as markets reassess the policy outlooks of both the BOJ and the Fed."

"We currently expect no further rate hikes from the BOJ until January 2026, followed by a potential 25-basis-point increase in April 2026, bringing the terminal rate to 1%."

"We believe USD/JPY will find support above 150 in the short term as markets readjust pricing to reflect the BOJ's more cautious stance and slower pace of tightening."