It was a relatively busy day ahead for the USD/JPY. Following the larger-than-expected slide in industrial production, the market focus shifted to the manufacturing PMI. In February, the PMI fell from 48.9 to 47.7 versus a prelim 47.4. The better-than-expected numbers had a limited impact on the Yen, with the PMI unlikely to influence the Bank of Japan. Bank of Japan monetary policy chatter remained the focal point, with BoJ Board Member Nakagawa speaking this morning. Nakagawa stated that the Bank of Japan must maintain an ultra-loose monetary policy over the near term. On inflation, Nakagawa said, “There’s a chance ... (full story)