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USD/JPY rebounds back above 148 after BOJ does nothing

Earlier this morning the Bank of Japan left all the current aspects of their monetary policy unchanged and with no tweaks to the current yield curve control. As noted here yesterday, the USD/JPY had been falling due to a paring of long dollar positions in case the BOJ did make a change. That saw the USD/JPY drop to as low as 147.32 right on the 4pm London fix. However, it was already rebounding modestly into the US close, where it later ended that session at 147.59. The lack of action from the BOJ this morning has seen the dollar rebound to as high as 148.26. That was despite a higher than expected Japanese CPI report beforehand. It is off that high now though, currently trading at 148.06

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