That a clear signal from the BoJ hasn’t weakened the Yen much at all, suggests that a lack of policy change is priced-in, and may leave USD/JPY in a range, but the options market is right to price for greater downside than upside potential in USD/JPY. 

Elsewhere, last week’s hikers (RBA and Bank of Canada) should see their currencies benefit from a Fed pause/skip, and we continue to like NOK/SEK on the grounds that expectations of a hike next week can grow. BoE and SNB hikes, however, are already fully priced.