HSBC expect that stalling inflation in Japan will cause the Bank of Japan to increase the pace of QQE as early as April

The strategists there do note, though that the Japanese government:

  • Have made comments that are less welcoming of further yen depreciation
  • Have toned down its rhetoric on the need for BOJ's additional easing

And that

  • There are diverging opinions within BOJ regarding the merits of additional easing and the accompanying yen weakness

via Bloomberg.

Minor wiggles in the USD/JPY so far today ahead of the NFP this evening (and when I say this evening I mean at an absolutely awful time ... Australian east coast time .... 1330GMT to be precise :-D ):