[Institution: USD/JPY Stuck in Range-bound Fluctuation, Only BOJ May Break the Deadlock] According to a report by Jinse Finance on April 22, the USD/JPY remains trapped within the core range of 158.00-160.00. The threat of Japanese intervention in the forex market has limited its upward potential, while uncertainties in the Middle East, high energy prices, and safe-haven demand for the dollar have constrained its downward movement. Only a rate hike by the Bank of Japan (BOJ) could potentially drive a significant rebound in the yen, possibly pushing it to around 155 or even stronger. If the BOJ takes unexpected action during its policy meeting on April 27-28, it could largely suppress the USD/JPY exchange rate, potentially causing it to decline ahead of Japan's upcoming "Golden Week" holiday. However, this scenario currently seems unlikely. According to data from Totan Research/ICAP, the probability of a rate hike next week has dropped to 9%, while the probability of a hike in June has risen to 62%. Although the BOJ and the Ministry of Finance remain concerned about the inflationary impact of a weaker yen, the market believes that BOJ Governor Kazuo Ueda and the majority of the policy committee members are cautious about the economic impact of the Middle East situation amid heightened concerns over economic growth setbacks. (Jin10)