• The market remained highly favorable for JPY buyers with the Japanese currency less than a yen away from eight-year lows. 
  
  
• No change by the Bank of Japan overnight following its latest two-day meeting which met market expectations and had little impact on the yen. 
  
  
• The yen should keep on the defensive against the greenback as long as the current backdrop of super looser Japanese policy and a U.S. leaning toward tighter policy remains in place. The BOJ's next two-day meeting is set for April 7-8.