The Solana chartUSD/JPY exchange rate faces downward pressure below the 148.00 threshold as Japanese Government Bond yields continue their upward trajectory. Financial analysts at Société Générale have conducted an in-depth evaluation of the macroeconomic factors influencing this currency pair's near-term direction.

Intensifying Debate Over BOJ's Negative Rate Policy Timeline

■ Japanese sovereign debt instruments demonstrate sustained yield increases across all maturities, creating notable divergence from softening yields observed in both US and European markets. The 2-year JGB yield's 5 basis point climb to 0.72% signals heightened market anticipation regarding potential monetary policy adjustments during the March-April timeframe. However, Société Générale's research team expresses skepticism about such rapid policy normalization, citing insufficient evidence that Japan's central bank can sustainably achieve its 2% inflation benchmark. Preliminary indications suggest this year's wage growth may fall short of generating the necessary price stability.

■ Additional economic indicators reveal potential peaking in service sector inflation rates, further complicating the Bank of Japan's policy calculus. These developments lead Société Générale economists to maintain their view that neither Yield Curve Control termination nor negative interest rate elimination will occur during April's inaugural fiscal year meeting. Consequently, the USD/JPY's bearish momentum appears increasingly dependent on forthcoming US economic data releases and Federal Reserve policy signals, rather than unilateral action from Japanese monetary authorities.