On September 20, Jinshi data reported that the yen strengthened against other G10 and Asian currencies in early trading due to the prospect of further interest rate hikes by the Japanese Central Bank. Alvin T. Tan, Head of Asia Forex Strategy at Royal Bank of Canada (RBC) Capital Markets, stated in an email that the recently released CPI data for August in Japan indicates that the recent trend has been 'quite active'. Tan stated that this may prompt the Japanese Central Bank to continue on its path of policy normalization. In addition, as risk sentiment further recovers, the Japanese Central Bank may be keen to continue raising interest rates.