• Japan's yen held close to eight-year lows touch this week around ¥122. The yen's loss of value has stemmed in part from rising U.S. Treasury yields that signal a market growing confident in prospects for a Fed rate hike this year. 
  
  
• Central bank announcements by Japan on Tuesday and the U.S. on Wednesday should offer the next critical drivers for the Japanese currency. Whichever direction U.S. yields head, the yen is liable to move in the opposite direction.