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<p>Eyes will be on the yen yet again today in Asia. </p><p>Adam had a great update here on an analyst note:</p><ul><li><a href="https://www.forexlive.com/news/usdjpy-did-the-boj-intervene-yesterday-whats-next-mufg-20220915/" target="_blank" data-article-link="true">USD/JPY: Did the BOJ intervene yesterday? What's next? - MUFG</a></li></ul><p>-</p><p>This now from JP Morgan comes via eFX. </p><p class="western" align="left">
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</p><ul><li>"Household/corporate FX deposits at Japan banks are rising sharply. This could catalyze further JPY depreciation over the medium term. FX deposits usually follow the yen's trajectory: households tend to buy foreign currency when the yen is strong, and sell when it is weak. But there has been a somewhat unusual decoupling in this trend over the past couple of months, with FX deposit growth soaring to cycle highs even as the JPY NEER has tracked multi-year lows," JPM notes.</li><li> "We do not think this suggests a wholesale loss in confidence in the currency. But to the degree that foreign currency deposit growth continues to rise, this suggests an additional idiosyncratic headwind for the yen," JPM adds.</li></ul>

                This article was written by Eamonn Sheridan at forexlive.com.