Bank of Japan holds course

The JPY has been under pressure for some days now, particularly against the USD. The Bank of Japan's meeting did not move the FX markets during the night. As expected, not much has changed in Japan. The BoJ continues to buy huge amounts of government bonds. So far, the markets are not interested in the fact that the quantitative and qualitative easing (QQE) does not have the desired effects. 

Commerzbank suspects, "For now, any USD/JPY fluctuations will be triggered by developments on the USD side. If the US labour market report is favourable, the exchange rate might pass the threshold of 125 today."