The market was happy to buy USD/JPY last week after comments from BOJ officials on their visit to the US that seemed to support continued easy policy (and hence more asset buying?). One of the big US banks sent a note out to their clients warning that further easing is by no means a certainty and the BOJ comments could also be construed as merely a commitment to already existing policies.
USD/JPY and AUD/JPY remain very soft this morning.
