He said that if prices rise faster than household income, wages will increase, it could impact consumption.

The Finance Minister also stated that while the government is working to curb gasoline and fuel prices, the government will do everything necessary to reduce the potential impact on the economy from rising fuel prices.

The yen has not reacted to any pressure that may be exerted by an increased risk profile in financial market relating to the prospect of de-escalation around Russia's presence at the Ukraine border.

Matsuno, Japan's chief secretary to the cabinet, stated earlier that they were still closely monitoring the situation in Ukraine despite the announcement of partial Russian withdrawal.

Update USD/JPY

The Asia analysis above shows that the bulls have taken control of Asia and are looking to run to test 116 for the next sessions.

USD/JPY chart prior analysis M15

• US/JPY Price Analysis - Bids above 115.50 puts 116.00 and then 119.00 on the radar
  The price is holding the support level on the 15-min chart, and bulls are now moving towards the important resistance at the 115.70's.