Bank of Japan meeting maintains monetary policy. USD/JPY initially dropped after Governor Ueda's remarks but rebounded.

【1/23Market overview

Tokyo time, the Bank of Japan decided at the Monetary Policy Meeting to maintain its large-scale monetary easing. The dollar/yen rose to 148.54 yen briefly after the announcement, but since maintaining the easing was as expected and the market had already priced it in, after the initial move it was pulled back to 147.86 yen.148.54yentoward147.86yen.In the press conference with BOJ Governor Ueda, he said that the probability of achieving the price target is gradually increasing, and with selling of Japanese long-term government bonds, yen buying led, and it was interpreted as a forward-leaning statement toward policy normalisation, sending the dollar/yen to146.97yen.During European hours, dollar/yen saw a relief rebound.The statement by Governor Ueda that even if negative rates are removed, an extremely accommodative environment will continue triggered yen selling and dollar buying.NYtime, the U.S.10year Treasuries yields rose to4.15% and higher, prompting broad dollar buying, sending the dollar/yen to148.69yen.