We had a good amount of news and data out of Japan this morning, from all the eco data, to news of the Y880B stimulus package, and then Maehara saying he would work with the BOJ to end deflation.
None of this made a jot of difference to USD/JPY – it sat in a quiet range.
The 82.30 was recognized as an important level – USD/JPY hadn’t breached there all week despite some good attempts. There were stops clustered above there (of course), and its a run at these that seems to have triggered this 30-point rally.
No doubt we’ll see the headlines soon enough – “USD/JPY up on Industrial Production rise/Stimulus package/Maehara comments/ (insert your own hindsight explanation)”.
