The Japanese yen has become more volatile following the release of the Non-Farm Payroll (NFP) report. There are also growing fears of a full-scale trade war, which could potentially trigger a global economic recession.

Additionally, a clear forecast that the Bank of Japan (BoJ) will raise interest rates in 2025 amid expanding inflationary signs in Japan has become another key factor supporting the yen. Meanwhile, the U.S. Federal Reserve is expected to resume cutting interest rates in the coming months.

Source: Fxstreet