Bank of Japan Governor Signals Gradual Progress Toward 2% Inflation Target 
Global Central Banks Hold Rates Amid Iran War-Driven Energy Price Surge 
Paraguay Central Bank Holds Interest Rate at 5.5% Amid Slowing Growth 
China Holds Benchmark Loan Prime Rate Steady for Tenth Consecutive Month 
Goldman Sachs Raises ECB Rate Hike Forecast Amid Persistent Energy-Driven Inflation 
Goldman Sachs Delays Bank of England Rate Cut Forecast Amid Middle East Inflation Risks 
Taiwan Central Bank Expected to Hold Interest Rates Steady Through 2027 
Bank of Japan Eyes April Rate Hike Despite Inflation Dip, ING Says 
RBA Set to Hike Rates Again Amid Inflation Surge and Global Uncertainty 
ECB Eyes Rate Hike Amid Iran Conflict-Driven Energy Price Surge 
Bank of Korea Nominee Shin Hyun-song Calls for Flexible Monetary Policy Amid Iran War Risks 
Bank of Japan Signals Rate Flexibility Amid Yen Volatility 
USDJPY was a notable beneficiary from Yellen's policy musings and renewed speculative enthusiasm to own the cross as the FED and BoJ meetings have prevented the cross from retracing in line with the rest of the dollar complex.
The yen backed away from one-week lows against the dollar on Wednesday amid doubts that possible further easing by the Bank of Japan would cause a significant downside for the currency.
While in some senses understandable, speculative demand for USD/JPY seems at odds with the relative performance of the US and Japanese bond markets whereby 10Y JGB yields have pushed to their highest levels since March and the spread to UST has remained closed to the lows for the year.
USDJPY is trading at 102.810, up 0.23% after rising as high as 103.35 earlier, the most since September 6.
So while the market is happy to buy USD/JPY as a positively convex play on the BoJ meeting, the result of such demand is that USD/JPY is now 2% expensive compared to the 10Y rate spread. Hold a USD/JPY put fly (100x98x96 in 1x2x1 notional) with 1w expiry.
