[USD/JPY] trade was fairl
By[USD/JPY] trade was fairly quiet during the Asian session as market
players kept to the sidelines ahead of the FOMC decision later today
although it managed to hit the day's low of 80.47 during the lunch hour.
However, some buying from investor type and importers provided support as
the pair bounced back towards the 80.70 lvl. The BOJ Minutes release
showed that some members are concerned "if interest rates declined to an
excessive degree, the negative effects of that decline would be larger
than monetary easing effects, since the financial intermediary function
would be impaired by the lower returns of financial institutions and
investors." The pair reached an o/n high of 81.00 before a broadly weaker
Greenback sent it back down to open this morning around the 80.65/70 lvl.
With Japan out for a holiday & mkt players focussing on the FOMC decision,
range trading is expected with bids at 80.20 by investor types and offers
at 81.20 by a European name keeping the range
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