With retail sales growing much quicker than economists expected and a falling unemployment, rate the yen climbed against all 16 major currencies before the Central Bank of Japan later this week.

The International Monetary Fund’s mission chief for Japan, Jerry Schiff, stated in an interview in Tokyo that “the consensus is that the yes is somewhat undervalued. Right now we don’t think the BOJ needs to do anything different to what they are doing. They announced a quite enormous monetary accommodation, and although it may not be moving very fast, both inflation and inflation expectations are moving in the right direction.”

The yen rose 0.2 percent to 134.39 per euro at 1:49 p.m. in Tokyo since yesterday. It gained 0.1 percent to 97.57 to the dollar. Moreover, the Japanese currency is forecast to rise 0.7 percent per USD but to decline 1.1 percent against the euro this month.