The new Japanese FinMin was on the newswires overnight and he’s obviously had some coaching from his predecessors (Yen gains one-sided, don’t reflect fundamentals; ready to take necessary steps; will discuss at G7 level). Despite falling oil prices, USD/JPY managed to sneak higher through 78.50 and I suspect that the market is getting long again ahead of tomorrow’s BOJ decision, just in case.
Not expecting much action today with prices expected to oscillate in a 78.25/78.75 range.