Today's Japanese CPI report certainly didn't force the Bank of Japan's hand. With prices up 3.0% y/y (in line with estimates), there's no urgency to change tactics. In addition, the BOJ upped its regular bond purchases in a signal that nothing new is coming in next week's BOJ decision.

At the same time, the US dollar is sizzling. Ten-year Treasury yields are up another 8.8 bps today to 4.31% and up 30 bps in three days. In turn, USD/JPY has added 172 pips to 151.86 in what will be the 13th consecutive day of gains.

USDJPY daily chart

This can't go on indefinitely.

At the same time, this is clearly a fundamentally-driven move. The only way to change it is to change the fundamentals and only the BOJ and Fed can do that.