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The Bank of Japan (BOJ) has offered to inject 500 billion yen into the system via an unscheduled repo operation. So far the news has not had a big impact on USD/JPY. The pair is currently trading near 105.05, having hit a low of 104.50 in early Asia.

BOJ’s move comes a day after the Federal Reserve unleashed a massive unleashed massive liquidity worth $1.5 trillion in an effort to quell liquidity fears to combat “temporary disruptions” in funding markets.

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