One phrase"inflation has reached target"pushed the yen higher, with the market betting the Bank of Japan is just one step away from a December rate hike.

ZHITONG FINANCE APP noted that the yen largely held onto its gains after the Bank of Japan kept its benchmark interest rate unchanged by an 8-1 vote. The BOJ also signaled that underlying inflation has reached its 2% target, opening the door to a December rate hike. Market focus now shifts to the press conference to be held by BOJ Governor Kazuo Ueda at around 3:30 p.m. local time.