Danske Bank - "In our view, today's BoJ action underlines that last week's Fed action have huge ramifications. Whether BoJ likes it or not the Fed action forced the BoJ to ease today to avoid a new appreciation of the JPY. All in all, we think that BoJ has taken an important step today and suggest the following strategy position for a move higher in USD/JPY:
Enter 3M 78.50-79.00-82.00 USD/JPY Seagull at zero cost (spot ref: 79.00)
Buy a 3M 79.00 (ATM spot) call option, sell a 3M 78.50 put option and sell a 3M 82.00 call option. We expect Bank of Japan easing to drive the yen weaker but we doubt that we will see a move much above 82. The strategy utilizes the expected policy imposed floor in USD/JPY."