USD/JPY trades around 157.65 on Wednesday at the time of writing, little changed on the day, as weakness in the US Dollar (USD) is offset by investors' cautious stance toward the Japanese Yen (JPY). On the Japanese side, investors continue to assess the Minutes of the Bank of Japan (BoJ) June policy meeting. BoJ Governor Kazuo Ueda has also repeatedly stated that the central bank is prepared to continue normalizing monetary policy if economic conditions allow, providing underlying support for the Japanese Yen. Japanese Yen support builds as BoJ hike odds rise and US intervention reinforces USD/JPY ceilingStrategists at Brown Brothers Harriman note that “USD/JPY is holding just under its 200-day moving average (158.04)” as stronger wage data in Japan bolster expectations for further BoJ tightening. In their view, this stance “significantly raises the cost of fighting a stronger yen and puts a much firmer ceiling on USD/JPY.”