• USD/JPY offered in Asia after closing 0.4% lower Wed on US stagflation fears

• Fed forecasts slower economic growth, higher inflation in 2025

• Sticks to projection of 2 quarter-point interest rate cuts this year

• Treasury yields slip; 2-year yield drops 7bps, closes below 4%

• Meanwhile BOJ Ueda's cautiously hawkish tone on rates likely to support JPY

• Japan markets closed Thu, lack of liquidity may lead to increased volatility

• Support at 148.77, 38.2% of 146.545-150.15 rally eroded, next support 148.35

• Resistance 149.15-20, 149.50-60; range Wed 148.62-150.15, Thu 148.55-148.87
JPY:

(Krishna Kumar is a Reuters market analyst. The views expressed are his own.)