 Yen weakened broadly during Asian session today, giving back some of last week's strong gains that were reportedly driven by Japan's market intervention. Japan's Chief Cabinet Secretary Yoshimasa Hayashi repeated in a press conference that it is crucial for currency rates to move "stably" and reflect economic fundamentals. He reiterated the government's commitment to taking necessary measures against speculative moves in Yen's exchange rate. Despite these warnings, it appears Japan might be comfortable with Yen at its current levels and is unlikely to take further action to push it higher against Dollar. If this view is correct, the range is probably set for USD/JPY to consolidate in the near term. Meanwhile, Canadian dollar is in the spotlight today with the release of Canada's CPI data. In May, core inflation measures unexpectedly jumped just after BoC became the first G7 central bank to cut interest rates on June 5. However, subsequent job data revealed minimal growth and a rise in unemployment rate. If today's CPI data show that disinflation is back on track, BoC could be in a position to cut interest rates again next week... | 
