The dollar and yen rallied against most other currencies, while USD-JPY itself posted moderate declines. The yen was lifted by the BoJ announcing a tapering in QE, which sent USD-JPY some 70 pips lower to a three-session low of 112.49. EUR-JPY and other yen crosses saw a similar price action. The BoJ said that purchases of 10- to 25-year JGBs would be trimmed to Y190 bln from Y200 bln, with purchases of debt with maturities of over 25 years to Y80 bln from Y90 bln, tantamount to a baby step toward normalizing monetary policy in Japan.
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