USD/JPY has finally dribbled a little lower on the session. Its back under 140.00. Which is not overly significant, for sure. It is a big round number and a bit of a reference point only.

The inflation report was a hot one, for Japan. Its rekindled talk of a BOJ pivot, the first step of which would most likely be a relaxation of yield curve control. Countering this, of course, is the continued insistence from Bank of Japan Governor Kuroda that the high (again, for Japan) levels of inflation are transitory and he won't be responding with policy change.

Goldman Sachs Japan inflation graph:

Japan cpi 18 November 2022

Bank of Japan Governor Kuroda says again Japan's core CPI likely to slow from next year

More from BOJ Gov Kuroda: Japan has yet to see inflation hit 2% in stable sustained manner

BOJ Gov Kuroda concedes CPI may rise more in coming months, but likely then to slow

BOJ Kuroda on the yen: Recent sharp, one-sided yen declines are absolutely undesirable