The Japanese yen completed yesterday's trading session with mixed results versus the major currencies. The JPY fell against the CHF yesterday, pushing the oft-traded currency pair to 86.90. The JPY was unchanged vs. the EUR yesterday and closed its trading session at around the 112.55 level. The JPY did see some bullishness as well as it gained 40 points against the USD and closed at around 82.45.

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, tentatively scheduled for today, 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.