The Japanese yen slid against most of the major currencies during yesterday's trading. The JPY pared some of its gains vs. the U.S. dollar as the USD/JPY pair gained 60 pips. The yen fell against the euro and the British pound as well.

The Japanese markets were expected to have a relatively heavier effect on the JPY versus its major currency counterparts today as the Overnight Call Rate was released during the Asian trading session.

The rate was left unchanged, but traders will be paying close attention to the Bank of Japan (BOJ) Press Conference that will follow to look for expectations of Japan's economic future, especially considering the speculation that measures will be taken to devalue the yen. A bullish statement from the BOJ could lead some traders to believe that it is forecasting a rosier financial climate in Japan. Others fear that the climate is declining and monetary measures may be taken to directly influence currency prices.