Yen’s Flip to Loss Shows Market Focus on BOJ Policy Stance: NAB
By Ruth Carson
(Bloomberg) — Judging by the move up in dollar-yen, the market was “bracing for a bigger shift away from the current ultra-easy monetary policy” of the BOJ, said Rodrigo Catril, strategist at National Australia Bank. 
“While on face value there are no major changes, the major changes is that now the risk to the inflation outlook is deemed more balanced, so a small tweak”
“One key take away is that yield curve control will remain unchallenged for a little bit longer, meaning USD/JPY remains highly susceptible to 10-year U.S. Treasury yield’s fortunes”
“We retain a bias for 10-year UST to head above 2% and thus see the potential for USD/JPY to head towards 116 over coming months”
USD/JPY flipped to a 0.1% gain after BOJ kept interest rates on hold