The Dow Jones Industrial Average was up more than 100 points following the FOMC rate decision. Even though it erased all of those gains, the Japanese Yen crosses ended the US trading session near its highs. EUR/JPY was the best performer. The currency pair hit a record high thanks almost entirely to Euro strength. With central banks around the world turning hawkish, carry trades are back in the limelight. The Japanese merchandise trade balance was released last night. It was stronger than expected as accelerating shipments to Asia helped to offset softer demand from the US and Europe. The corporate service price index also accelerated, reflecting growing inflationary pressures. There is no significant Japanese data due for release this evening, but things will pick up tomorrow when retail sales and consumer prices are scheduled for release. 

From ; DailyFX