The Japanese Yen crosses are higher today thanks to the recent recovery in US stocks.
The Bank of Japan has finally acknowledged what we all have felt for some time, which is that the Japanese economy is in trouble. According to the latest BoJ minutes, the downside risks to growth now supersede inflation worries. USD/JPY has had a very strong correlation with the S&P 500 over the past year and we expect this correlation to continue to drive the price action of the currency pair in the coming week.