USD / JPY pair traded in a narrow range last night, in fact, revolving around the level at 80.50. Traders and risk managers reduce the position before so tomorrow's expected decision from the Fed. Slightly widening interest rate differential between the U.S. and Japan on the long end has created a small activity at night. Interestingly, the yen weakened slightly during the night against the major European and commodity currencies. Although USD / JPY pair is not so far from the fifteen-year minimum, it will be interesting to know whether the currency begins to pay more attention to the fall Nikkei and the growing signs of weakness of the Japanese economy.
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