USD/JPY rises above 155 after BOJ keeps rates on hold

Earlier this morning and earlier than envisaged here, the Bank of Japan (BOJ) did as widely expected and kept their OCR (official cash rate) on hold at 0.25%. The voting split on that decision was 8-1 in favour of no change. The USD/JPY was already on the rise last night after the Fed surprised the markets with a very hawkish rate cut. The USD/JPY had closed in the US at 154.80. The reaction to this decision from the BOJ has further enhanced the recovery from below 150 over the past two weeks and sent the dollar to a fresh rebound high, at 155.47. There will be more to add on this later this morning, but clearly the topside is very much in focus now today and that would seem to underpin a buy the dip approach going forward. The one caveat to that could come from the BOJ press conference due shortly. The USD/JPY is currently at 155.32