USD/JPY resumes its north-side journey near 143.30 following the BoJ Minutes

• USD/JPY holds a positive note near 143.30, down 0.03% for the day.
• Bank of Japan (BoJ) policymakers said that Japan needs to maintain an easy policy.
• The US ISM Manufacturing PMI in July rose to 46.4 from 46.0 prior, below expectations of 46.8. 
• Market participants will focus on the US ADP Employment Change for fresh impetus.

The USD/JPY pair resumes its north-side journey and reclaims the 143.30 mark during the Asian session on Wednesday. Market participants await the US ADP Employment Change despite the lack of top-tier economic data released from Japan. USD/JPY currently trades around 143.30, losing 0.03% for the day.

The Bank of Japan (BoJ) maintained its ultra-low interest rates on Friday and decided to maintain its short-term interest rates at -0.1% while keeping its 10-year JGB yield target around 0%. However, the BoJ surprised financial markets by making its yield curve control (YCC) more flexible.

That said, the central bank will allow the 10-year yield to move above the cap as long as it stays below 1.0% rather than being capped at 0.5%. BoJ Deputy Governor Shinichi Uchida stated early Wednesday that Japan is in a position where it is critical to maintain an easy policy.

Across the pond, the US ISM Manufacturing PMI in July rose to 46.4 from 46.0 prior but fell short of expectations of 46.8. Meanwhile, JOLTS Job Openings came in at 9.58 million in June. This reading followed May's 9.82 million openings and was below the market consensus of 9.62 million. The robust economic data could convince the Federal Reserve (Fed) to keep its hawkish stance. This may lift the US Dollar and act as a tailwind for USD/JPY.

Fed Chairman Jerome Powell reiterated that another rate hike is possible. He added that the Fed will consider the incoming data for additional rate hikes if needed. The hints that the Fed could hike additional rates this year might lift the Greenback.

Moving on, market participants will focus on the US ADP Employment Change for fresh impetus. Investors will take cues from the data ahead of the US Nonfarm Payrolls due on Friday. In the meantime, the weekly Jobless Claims, Unit Labour Cost and ISM Service PMI will be due later this week. Investors will monitor this development and find opportunities around the USD/JPY pair.