The yen is climbing

The Japanese yen is ticking up.

The currency is up by 0.7% at 101.15 per dollar as of 7:42 a.m. ET.

Earlier in the day, the Bank of Japan said it will now target the shape of the yield curve, and will purchase Japanese government bonds, or JGBs, with the aim of keeping the 10-year JGB rate “more or less at the current level” of about 0%.

The central bank also kept rates on hold at -0.1%.

As for the rest of the world, here’s the scoreboard as 7:43 a.m. ET:

  • The US dollar index is little changed at 95.97. Notably, it’s Fed day. And markets are pricing in just a 22% chance that the Federal Reserve will raise its fed funds rate at Wednesday’s meeting, Bloomberg data shows. The decision will cross the wires at 2 p.m. ET along with the Fed Summary of Economic Projections, and Fed Chair Janet Yellen’s news conference starting at 2:30 p.m. ET.
  • The British pound is little changed at 1.2990 against the dollar. Earlier, the Office for National Statistics released its first report of a special series titled “Assessment of the UK Post-Referendum Economy,” arguing that the British economy has shown no major impact from the UK’s vote to leave the European Union.
  • The South African rand is up by 1.6% at 13.6958 per dollar after CPI rose 5.9% year-over-year in August, in line with expectations. Notably, this was the first month in 2016 that the country’s inflation was within the South African Reserve Bank’s 3%-6% target range. “Today’s data provides some good news for South African consumers, and will allow the Reserve Bank to keep policy more accommodative for a few months longer,” argued Capital Economics’ Africa Economist John Ashbourne.
  • The euro is little changed at 1.1148 against the dollar.

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