According to Jane Foley, head of FX strategy at Rabobank, the BoJ's relative optimism about domestic consumption combined with some additional fiscal support from the Japanese government suggests that monetary policy settings are likely on hold for now.

"On the margin this could lend some support to the JPY, though the relative level of risk appetite is likely to be a bigger driver for the currency in the coming months. Positive news regarding a Phase 1 trade deal between the US and China could keep USD/JPY at the top end of its range in early 2020. However, we see trade tensions and growth fears re-emerging and this is set to weigh on USD/JPY later in the year."