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Today's announcement from the Bank of Japan was somewhat more hawkish than the previous policy. However, it harmed the yen's exchange rate.

Market suspects Japan conducted a currency intervention, as USDJPY suddenly plummeted to its lowest level around 147.30 yesterday.

The Governor of BoJ briefly mentioned a somewhat hawkish stance last week, but there are no positive indications for today's yen exchange rate.

The excessively weak yen exchange rate might trigger the government to intervene. The question is, on what level will they intervene?

The USD/JPY fluctuated as the Bank of Japan announced that they would adopt a more flexible approach to implementing YCC..

Last year, Japan stepped in to intervene in the yen when USD/JPY reached over 145. Will the policy be repeated?

Bank of Japan kept its yield and interest rate targets at almost zero, causing the yen to plunge to record lows against various other currencies.

The yen exchange rate plunged due to the overt dovish bias in the Bank of Japan's first policy meeting results under Governor Kazuo Ueda.