JPY review

Western Union:

The Japanese Yen plummeted to eight year lows on the back of a strong US Dollar. The minutes of Bank of Japan's April meeting indicated that the time frame for achieving its target of 2 percent inflation could be delayed. The minutes also indicated that the BoJ did not see a need for further easing now. 

Japan's economy minister Amari said that rapid FX movements are undesirable and that the recent move reflects the strength of the US Dollar. The weaker Yen has been propelling stocks with the Nikkei 225 closing up for the ninth consecutive day and managed to ignore the large fall in US stocks yesterday.