The Bank of Japan (BoJ) maintained its key short-term interest rate at -0.1% and that for 10-year bond yields around 0% during its January meeting by a unanimous vote while keeping its 0.5% cap for bond buying.

This was a surprise to investors as policymakers were said not to be seeking a looser grip on bond yields after the unexpected tweak of the yield curve control range in December. Instead,  the BoJ reiterated it would take extra easing measures if needed. The central bank also explain that short-and long-term policy interest rates would stay at their present or lower levels which helped to keep USD/JPY buoyed above critical support:

About the BoJ minutes

The Bank of Japan publishes a study of economic movements in Japan after the actual meeting. These meetings are held to review economic developments inside and outside of Japan and indicate a sign of new fiscal policy. Any changes in this report tend to affect the JPY volatility. Generally speaking, if the BoJ minutes show a hawkish outlook, that is seen as positive (or bullish) for the JPY, while a dovish outlook is seen as negative (or bearish).