BANK OF JAPAN RATE HIKE AND IMPACT ON YEN

BANK OF JAPAN RATE HIKE AND IMPACT ON YEN
The BoJ raised rates as expected, signaling a shift in its policy.
The BoJ issued updated economic forecasts following the rate hike.
The yen strengthened, causing USD/JPY to dip lower in response to the statement and forecasts.
Other yen crosses are also moving lower alongside the USD/JPY.
The possibility of further yen strength if BoJ Governor Ueda adopts a hawkish stance in the upcoming press conference (scheduled for 0630 GMT / 0130 US Eastern).