Analyst: Accelerating inflation in Japan pushes up the JPY

The yen strengthened against most G10 and Asian currencies in early trade after data showed Japan’s inflation accelerated in April.

Matt Simpson, market analyst at FOREX, said the yen strengthened as “hot” inflation data fueled bets the Bank of Japan could tighten policy sooner. USD/JPY, AUD/JPY and EUR/JPY were all slightly lower.