USD/JPY higher today, the pair last up 16.......>

YEN: USD/JPY higher today, the pair last up 16 pips at 109.35. The US dollar has

weakened slightly on the session, DXY last down 0.019 at 89.114, coming off

highs hit post FOMC.

- The yen is weakening after several dovish cues from the BoJ including the

Summary of Opinions yesterday that showed the board was broadly in agreement to

continue the current level of easing, the final speech from BoJ Deputy Gov.

Iwata where he said that an exit was still some way off and the market pricing

this in was a mistake, and the Bank increasing JGB purchases in the 3-5 Year

sector and subsequently holding purchase size/frequency unchanged for February.

- The risk on tone is also helping to weaken the yen, stocks are higher in Japan

as the Nikkei 225 posts a solid 295 increase into the lunch break - the first

gain in 7 days.

- The market will now look ahead to a speech from BoJ Executive Director

Amamiya, there is speculation that "Mr. BoJ" could continue the recent dovish

trend and try to talk the yen down further.