The Japanese yen has shown notable strength against major currencies, particularly the US dollar, which has dropped 0.5% to 154.45. This appreciation follows recent economic data from Japan and diverging rate outlooks between Japan and other economies. The yen is poised for its best January performance in seven years, reflecting a 0.4% increase against the dollar. In the broader market, the US dollar has weakened against several currencies, including the euro and British pound, while the Canadian dollar and Swedish krona have also experienced depreciation against the dollar. Notably, the largest moves in bond yields over the past week have been observed in Canada and Sweden, with Canada’s 5Y yield showing significant volatility.