USD/JPY flows: Christmas Zapped Volatility

The major FX market is quiet as expected for most market participants observe the Christmas holiday. Ueda said BoJ will consider changing policy if positive wage-inflation cycle strengthens. Along the same rhetoric as per press conference after the December BoJ meeting, he mentioned there is no preset timing for policy but state "In an economy where positive inflation is sustained, nominal rates will be high". This does not change the bigger picture but JPY happily receive a few bids on it.

USD/JPY is trading 0.08% lower at 142.27.