Japanese Yen (JPY)
Central Bank: Bank of Japan (BoJ)
Current Interest Rate: http://www.boj.or.jp/en/index.htm

Technically Complex, Fundamentally Simple
Established in 1882, the Bank of Japan serves as the central bank to the world's second-largest economy. It controls monetary policy as well as the money market, currency issuance and data/economic analysis. The primary Monetary Policy Board aims to work toward economic stability, constantly sharing its views with the incumbent administration, while at the same time working toward its own self-government and transparency. Meeting between 12 and 14 times a year, the bank's governor leads a team of nine policy members, which includes two appointed deputy governors.

The Japanese yen (JPY) trades heavily as a carry trade component. Offering a low interest rate, the currency is paired against higher-yielding currencies, most often the New Zealand and Australian dollars and the British pound. As a result, the underlying can be very volatile, at times forcing traders to take technical perspectives on a longer-term basis. Average daily ranges are in the region of 30-40 pips, while extremes can be as high as 150 pips. The yen is most often traded between the crossover of London and U.S. hours (8am - 12pm EST). (Read more about forex carry trades in Currency Carry Trades Deliver.)

British Pound

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