Japanese Yen futures decline as BOJ minutes signal hawkish bias.

June Japanese Yen futures continued their descent, falling for a second consecutive session. The contract has declined 1.1% since its March 19 rotational high as market participants digest the latest Bank of Japan meeting minutes. These minutes revealed a modestly hawkish tone, with board members discussing the potential for additional rate hikes and the inflationary risks posed by a weak yen. Furthermore, the currency's trajectory is increasingly tied to WTI Crude Oil futures, as Japan's heavy reliance on energy imports creates real trade flow pressures. With disruptions in the Strait of Hormuz persisting, the currency's weakness appears driven more by fundamental trade needs than speculative carry trades.