According to CoinMeta, Volker Baur, an analyst at Deutsche Bank, pointed out in a report that improvements in the Japanese economic fundamentals indicate that the yen is likely to strengthen slightly. He stated that Japan's economy experienced real quarter-on-quarter growth of 0.3% in the second quarter, which was lower than expected. However, when calculated on a nominal basis, the growth rate was 1.2%, suggesting that overall economic inflation was higher than anticipated. He believes this could put pressure on the Bank of Japan to raise interest rates again in September or October, thereby supporting the yen. Additionally, he mentioned that concerns regarding Japan's fiscal situation seem to be somewhat exaggerated. Japan is one of the countries with the lowest budget deficits among G10. He noted that a higher nominal growth rate should lead to higher tax revenues, which in turn should improve the fiscal situation.