USD/JPY flows: Slowly grinding higher

There is not reports on announcement or denial of intervention from the Japanese authorities. Headlines circling are pointing towards BoJ's report of larger than expected decrease in current account the proxy confirmation of such intervention. Nevertheless, USD/JPY continues its slow grind upwards as there was no fundamental shift, at least until FOMC. If the BoJ decided to beat down speculative JPY shorts, they will likely wait for the FOMC announcement to keep the lid on, if the Fed turns out to be on the hawkish side.

USD/JPY is trading 0.06% higher at 157.88.