Today was held the speech of head of the Bank of Japan, which is not strongly influenced by the mood of investors. Mr. Kuroda said that Japan's GDP grew in the first half of the year by 1.0%, compared with the previous 6 months. Before reaching the target level of inflation of 2.0% remained the half way. According to experts the inflation target will be reached in 2015. Foreign demand for Japanese goods remains weak. Also, the Bank of Japan pointed to concerns about geopolitical risks.
Due to the soft monetary policy of the Bank of Japan and the tightening of the Fed's policy, we maintain our positive outlook on the USD/JPY.