The yen's exchange rate has performed exceptionally well this year, influenced by the strength of the TWD. Today (5th), the Taiwan Bank's yen rate reached '0.2090', marking the best rate of the year. If you exchange 100,000 TWD for yen, you will receive 478,468 yen, which is 53,976 yen more than the 425,350 yen at the high point just half a month ago—enough for four Universal Studio tickets.

According to a report by North富銀, uncertainty surrounding tariffs has led the BoJ to maintain interest rates, increasing the likelihood of no rate hikes for the year. The market is optimistic as automotive tariffs are seen as a priority issue in US-Japan negotiations, with the USD/JPY fluctuating between 144.8 and 149.

In conclusion, if the BoJ continues its current policy and inflation doesn't persistently rise, the yen is more likely to depreciate than appreciate, unless strong risk-averse events (such as heightened geopolitical conflicts) occur or the US lowers interest rates early, in which case the yen may have limited appreciation potential.