The yen surge slackened to a grind higher, but still saw the currency make new highs for a third consecutive session. This put USD-JPY to a new 18-month low at 106.16 during the Tokyo AM session, extending Friday's low by 12 pips. The pair subsequently settled higher, to around the 106.50 mark. The BoJ's decision to refrain from easing policy last week disappointed markets with data last Thursday showing core inflation plunging back into deflationary terrain. The yen has ascended some 5% through to today's high versus levels prevailing into the BoJ announcement last Thursday.
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