Westpac - "On 14 September we went long EUR/JPY at 102.60 and added to the position on the dip to 100.50 on 24 September. In the London session our stop loss was hit at 99.80. The Fed’s open-ended QE combined with the ECB's proposed unlimited backstop suggested both actual and perceived tail risks have shrunk dramatically, raising the prospect of a risk-supportive environment to fuel EUR/JPY gains. The subsequent aggressive expansion of QE by the Bank of Japan should also have supported the pair. However, the yen weakness in reaction to the BoJ’s announcement was very short-lived. Unlike in Feb 2012, perhaps FinMin Azumi is correct in predicting that BoJ easing will have an effect on JPY “over a long span”. The looming fiscal half year end probably hasn’t helped."