Forex Flash: USD/JPY rises on dovish BoJ - UBS

FXstreet.com (Córdoba) - The BoJ minutes from the Nov 19-20 policy meeting provided yet another excuse to sell the yen overnight as a dovish message came through loud and clear, according to Gareth Berry, analyst at UBS Bank. "The key message for FX investors is that, having taken a mostly passive interest in the yen over the past few years, the policy board now seems willing to adjust its policy stance in a conscious effort to weaken the currency".

"So it would appear that the sands are shifting not just in Japan's political arena, but amongst BoJ policy board members as well - after all, attempting to influence exchange rates has traditionally been the exclusive domain of Japan's Ministry of Finance", the analyst explains.