USD/JPY drew dip buyers early in the week, rising to around 157.75 in Asia and retracing part of Friday’s pullback from a multi-week peak. Gains held after the Bank of Japan minutes, though the pair remained driven by US dollar direction. A hawkish Federal Reserve stance and energy-led inflation concerns kept US yields close to multi-year highs; in a separate catalyst, safe-haven demand linked to the US-Iran standoff supported the dollar near its strongest level since 29 July, last reached on Thursday. The yen showed little response to the July BoJ minutes, which said financial conditions remain accommodative and firms are passing through higher raw material costs, sustaining…

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