USD/JPY flows: BoJ Non-Event As Expected

As most expected, the BoJ meeting on Tuesday do not see any fireworks. There is no change to monetary policy and forward guidance while the BoJ patiently waiting for the spring wage negotiation to confirm the momentum in wage growth. Apart from monetary policy, the BoJ has revised fiscal 2024 CPI less fresh food lower to 2.4% from 2.8%. 

USD/JPY initially spiked to 148.54 before trading lower at 147.96, down 0.08% for the session.