JPY review

Western Union:

The yen recovered from multi-week lows after the Bank of Japan opted against adding to its already robust monetary stimulus program. But don't expect a meaningful bounce for the yen with Japanese policymakers falling short of their goal of boosting inflation to 2.0 percent. 

With Japan struggling to break free of its deflationary rut, it keeps the risk of stronger policy stimulus on the horizon, which stands in contrast to forecasts for the Fed to raise U.S. interest rates this year.