Bank of Japan: No Rate Hike

The Reason:
There was no surprise when the Bank of Japan decided to keep rates at 0.5%, however, the Yen took a dove with comments made by the Governor of the Bank of Japan Mr. Fukui. He stated that a possible rate hike in July is not a 100% probable, adding to the fact that interest rate will "gradually" rise, giving traders a more bearish outlook on the Yen.

In addition, he also continued to talk about the risk of inflation is almost non existent, placing no pressure on the bank to raise rates. His lack of hawkish comments resulted in the Yen taking a dive against most currencies.

The View:

NZD/JPY increase of carry traders