The USDJPY has served as a perfect microcosm of the forex market as a whole over the past few weeks: volatility has gradually receded, causing the pair to consolidate in a tighter and tighter range and sapping the market’s patience. Now, traders have reached a state of apathy on the pair as today’s reaction to the announcement of Prime Minister Shinzo Abe’s “Third Arrow” shows. In today’s Asian session, Abe unveiled the second iteration of structural economic reforms aimed at stoking long-term growth. These changes include a cut to the corporate tax rate and reform of restrictive bureaucratic regulations in ... (full story)