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After reaching an intraday high over 91.40 during the Asian session, the AUD/JPY pair has felt selling pressure. Despite the Reserve Bank of Australia's aggressive monetary policy statement, the Australian Dollar has met offers (RBA).

The increase in Australian inflation in December was driven by rising petrol prices, series demand, and power rates. In Western Australia, the elimination of rebates caused a 7% increase in electricity rates in December.

Policymakers at the RBA have forecasted that Gross Domestic Product (GDP) growth will be 2.75 percent in 2022 and 1.5 percent in both 2023 and 2024.

On the Japanese Yen front, investors are expecting the candidates for Haruhiko Kuroda's replacement at the Bank of Japan (BoJ). Analysts at Commerzbank predict that the nomination, which is slated to take place the next week, will have a significant impact on the Yen exchange rate regardless of who emerges as the frontrunner.

In the meantime, Japanese Prime Minister Fumio Kishida stated, "The administration is in the process of selecting the nominee for the next BoJ Governor, and they are cognizant of the intense market interest in the choice." He continued, "Communication skills have become increasingly necessary for someone like the new BoJ governor."

According to a Reuters report, the Japanese government plans to propose its choices for governor and two deputy governors to parliament on February 14.

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