Bank of Japan's governor Haruhiko Kuroda is speaking in parliament and previously said that Japan's economy is likely to recover adding that inflation will clearly accelerate due to a sharp rise in energy prices and the dissipating effect of cellphone fee cuts. 

However, in more recent trade, Kuroda has said that, although it may not necessarily be the last resort, ''we will offer to buy an unlimited amount of 10-year JGBs if rise in long-term interest rates is rapid.''

USD/JPY was sharply lower despite the 10-year JGB falling heavily but has since started to recover from a 122.37 low to 122.56 at the time of writing.