BoJ: yen not at a "surprising level" - Scotiabank

Analysts at Scotiabank explained details in respect to the BoJ.

Key Quotes:

"Policymakers at the BoJ made no changes to their ‘QQE with Yield Curve Control’ as they upgraded their outlook to one of ‘moderate expansion’. Comments from Gov. Kuroda were positive in terms of both the economic outlook and his assessment of policy effectiveness. FXrelated comments attempted to shift the narrative to one of USD strength rather than JPY weakness as he suggested that the yen was not at a ‘surprising level’."

"Yield spreads are once again widening in a JPY-negative manner, and short-term measures of implied volatility are softening and eroding the modest premium for protection against JPY strength."