No surprises from the BOJ overnight. They delivered the expected cut to 10 bp from 30 bp. USD/JPY stagged a short-lived rally on the news but stalled shy of yesterday’s rebound high of 90.00, topping out at 89.84. EUR/JPY crashed, off course, so that has helped limit any USD/JPY upside. 88.50/90 is seen containing price action today with 87.10 as very important support should 88.50 give way.
