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USD/JPY rises above 156 after BOJ remains on hold

The Bank of Japan has not delivered any change in its monetary policy today. That outcome was the overriding forecast from most analysts and it has helped to push the USD/JPY above 156 for the first time this millennium. It has also delivered corresponding gains in all the major Yen crosses too. The BOJ did drop the sentence in the accompanying policy statement regarding their monthly bond buying commitment, but that has not outweighed the impact of the unchanged official cash rate. The USD/JPY had closed in the US last night at 155.65. The high seen since the BOJ policy announcement has been set at 156.22. It is currently trading at 156.15

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