The prospect of a prolonged period of unchanged rates is depressing US interest rates and cross-market volatility and leaving carry trade strategies very much en vogue. This – plus Brent trading close to $95/bbl – is keeping the likes of USD/JPY bid and few expect any substantial move in Bank of Japan policy this Friday.

If there is to be a further move from Japan – it will likely come in late October when new economic forecasts are released.