USD/JPY extends gains

USD/JPY is trading at 122.61, up 0.97. Trading is firm Tuesday morning. The pair has extended gains from Friday's U.S. forex trading session. Market talk about continued QE from the Bank of Japan has been making the rounds over the U.S. holiday. Chatter about recent U.S. data has led to some aggressive buying. The Bank of Japan will release its Minutes for the most recent Monetary policy meeting Tuesday night. Overnight Japanese April Service Producer Prices came out. The data showed a rise of 0.7% year over year versus March's rise of 3.1%. Month over month April's data was down 0.1 % versus a rise in March of 0.5 %. Japan's Small business confidence index is due out early Wednesday morning. Japan's CPI data and Industrial production figures are due out later in the week.