Rabobank - "USD/JPY: The biggest loser against the USD overnight was the JPY. USD/JPY broke the 95.50 barrier to trade at a 3 ½ year high. The move has stirred talk that the JPY could be entering into weaker phase. The bearish yen outlook is supported by the view that while the BoJ left policy on hold at this week’s policy meeting, more monetary policy stimulus is widely expected to be announced on April 3-4 on the anticipation that Kuroda will have taken up the position of BoJ Governor by then. While we would argue that more QE action and decent levels of risk appetite should allow the yen to retain a weakened profile, we are reluctant to call for significant additional upside in USD/JPY from current levels. Earlier this week China criticised the weak yen policy of the Japan’s MOF. Other governments have also been disgruntled by the yen move although the G20 meetings last month fell short of pointing the finger at Japan. In addition, USD/JPY is trading fairly close to fair value currently and there is some desire amongst corporates to avoid further sharp currency volatility. On balance we expect USD/JPY to hold around the 95 area medium-term."