From Taisuke Tanaka, Strategist at Deutsche Bank:
The USD/JPY dropped from the ¥111’s to the ¥108’s after the BoJ’s decision to postpone additional easing on 28 April and moved even lower into the ¥106’s. Additionally, the US Treasury Department placed Japan on the list of monitored countries and commented that recent USD/JPY movement has been "orderly" in the semi-annual forex report issued on 29 April. We see a possibility of investors testing new lows for the USD/JPY in the lower ¥100 range as long as the US is not favorable toward intervention by Japan.
