Looking at the impact on the major JPY pairs today | Forexlive

The BOJ surprised the market by resetting the target rate for the 10 year up to 0.5% from 0.25%. The chart above shows the actual 10 year yield with the yield moving toward the 0.5% level (it reached 0.432%) today. That sent the 10 year yield to the highest level since midyear 2015.

In the currency market, the JPY pairs all moved sharply higher (higher JPY – see table above).

Looking at the snapshot of the USDJPY and the major crosses, the biggest mover was the AUDJPY which fell -4.22% on the day (higher JPY). That one-day move is the largest since June 24, 2016 when the price moved down -5.68% (see chart below).

For the USDJPY, it is down -3.82% on the day. Recall on November 10, the USDJPY also moved down sharply. On that day the pair move down -3.72%. In June 2016 it fell -3.699% – similar to the decline today and last month. When was the USDJPY down more than the -3.82% currently? The move today is the sharpest move to the downside since October, 7, 1998

What happened in June 2016?

The JPY was pushed higher by Fed, safe-haven flows amid the Brexit fears. The UK referendum on Brexit was on June 23, 2016.