Citigroup: the decision of the Bank of Japan is unlikely to be a catalyst for further depreciation of the yen.

Tomohisa Fujiki of Citigroup Investment Research said in a research report that the decision of the Bank of Japan is unlikely to be a catalyst for further weakening of the yen. The interest rate strategist stated: "The market has remained calm in response to the Bank of Japan's decision." He also said: "The USD/JPY is consolidating slightly below the 160 level." Fujiki added that overnight index swap markets are reflecting a high probability of a rate hike at the Bank of Japan's April meeting, around 60%. Fujiki further commented: "If the external environment remains stable, there is a possibility of a rate hike in April."