USD/JPY rises beyond 147.50 amid a broadly firmer US Dollar

• The US is showing a moderate bullish bias favoured by Speculation that Waller will be Powell's replacement as Fed Chair.
• Soft US employment data and hopes of Fed cuts are keeping USD longs limited so far.
• The BoJ's Summary of Opinions cast doubts about immediate rate hikes.

The US Dollar is reverting to the previous two days' losses as investors welcomed reports suggesting that Fed Governor Waller is emerging as a top candidate for the replacement of Chair Powell in May, while a moderate risk appetite is weighing on the safe-haven Yen.

A report from Bloomberg suggested on Thursday that the US President Trump's team was impressed with Waller after their meeting. Waller is a dove and was appointed by Trump during his first term, which makes him a suitable top candidate for the president. On the other hand, he has a reputation for defending the central bank's credibility. The Dollar has bounced up after the news.

US Data released on Thursday revealed that Jobless claims rose to 226,000 on the previous week, above the 221,000 claims expected, following a 218,000 reading in the previous week.

Somewhat later, the St. Louis Fed President delivered a cautious message warning about the threat of tariffs to US inflation and to the economy, and pointed to only one rate cut in the rest of the year. Futures markets, however, keep pricing a rate cut in September and another one before the end of the year.

In Japan, the BoJ's summary of opinions, also released on Thursday, revealed that some policymakers remain wary about the impact of US tariffs on Japan's economy, which might take two to three months to be assessed. These comments have cooled hopes for immediate rate cuts.