According to CoinMeta, Fitch indicates that for the yen to appreciate further, the Bank of Japan (BOJ) would need to raise interest rates. This view adds a cautious note to the consensus of a strong yen, suggesting that the market may have overestimated the possibility of further yen appreciation in the absence of specific BOJ actions. If Fitch's perspective is correct, then the weakness of the yen is not primarily driven by relative monetary policy stances, which means that structural or liquidity factors may be limiting the yen's upside potential. Fitch's comments imply that traders need to pay more attention to the policy actions of the Bank of Japan, rather than just the direction of U.S. interest rates.