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Forex pairs in this Article » USD/JPY (Barcelona) - Having decided to step down from office three weeks earlier than original expected, BoJ Governor Masaaki Shirakawa triggered more weakness of the Yen. "The fact that even this news managed to put pressure on JPY suggests how cautious the market is", wrote analyst Lutz Karpowitz, adding that "speculation about his successor is likely to now take off".

"There is no doubt that Prime Minister Shinzo Abe will appoint an ultra-dove to enforce his views on monetary policy. Even though the central bank has not been sovereign for some time the appointments are likely to create further pressure for JPY", continued the Commerzbank analyst, expecting further USDJPY rally if the new BoJ governor starts the unlimited purchase of bonds before 2014, the current scheduled date.
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