USD/JPY declines after expectations of early BOJ policy modification, then rebounds as US long-term rates rise.

【3/14Market Overview

During Tokyo time, the USD/JPY fell to as low as147.53yen due to the declines in the Nikkei and rising long-term Japanese interest rates. It later rebounded to147.97yen on a Nikkei rebound. In European hours, USD/JPY remained in the high 147s and held firm.NYtime, U.S.PPIbeat expectations, with USD/JPY recovering to148yen. Following that, reports said that the Bank of Japan would consider removing the negative interest rate policy and exit the YCC (yield curve control) regime at the policy meeting on the18–19days, and that they would normalize easing as part of a broad policy shift, sending USD/JPY down to147.42yen. Later, U.S.10year Treasuries yields rose, pushing USD/JPY to148.35yen.