Background The Bank of Japan (BoJ) has invested $100 billion to defend the yen’s exchange rate. Current Situation The yen is once again experiencing volatility due to Governor Kazuo Ueda’s recent cautious stance. Key Event Governor Ueda is set to deliver a significant speech on Christmas Day, attracting widespread attention from the market. Significance This speech is regarded as a critical opportunity to understand the BoJ’s future policy direction. Market Impact Forex traders will closely watch for any signals indicating a potential policy shift.