• The yen dipped slightly on Monday as the Bank of Japan (BOJ) kicked off its two-day monetary policy meeting, with traders nervously awaiting a decision on whether the dovish central bank could finally unwind its ultra-loose monetary settings.
  • The yen fell 0.2% to 142.41 per dollar in early Asian trade, reversing some of the nearly 2% gain it made last week on the back of the dollar’s decline.
  • The Japanese currency has had a volatile few weeks as markets struggle to get a grip on how soon the BOJ could phase out its negative interest rate policy, with comments from Governor Kazuo Ueda earlier this month initially sparking a huge rally in the yen.