GBP Clashes Against JPY

Sterling may have stolen today's FX headlines, but the yen is the day's biggest performer.  The deteriorating losses in global equities and inevitable start of Fed's tapering have been mentioned as convenient explanations for the yen's rally. Tonight's BoJ decision may also be causing nervousness with regards to the lack of reiterating the central bank's anti-inflationary commitment. The shift in negativity in most yen crosses from daily and weekly charts to converging bearishness in monthly momentum has escalated the debate about he long term sustainability of USDJPY.