We could see a decision from the BOJ at any moment. The longer it takes beyond the top of the hour, the more likely it’s dovish.
Only about one-in-four economists are calling for further QE but the momentum has shifted since the Fed decision and I suspect the market sees at least a 50% chance of action.
If no action is taken today, it’s assumed it will simply be shifted to October so any drop in USD/JPY liekly won’t be sustained beyond a day (or two at the most).