The dollar held firm at 107.78, near a two-year high, as cooling U.S. inflation eased concerns over 2025 rate cuts. Meanwhile, the yen hovered near 156.65 per dollar after the BOJ's dovish stance, raising intervention risks as thinner year-end liquidity adds volatility. The euro lingered at $1.0434 (-5.5% YTD), while the pound steadied at $1.2582. Emerging market currencies remain pressured by Fed projections, with market pricing diverging from Fed forecasts. #Forex #USDJPY #Yen #BOJ #FederalReserve #InterestRates #DXY