Ella 
The yen has weakened again over the past week. Economists at MUFG analyze USD/JPY ahead of the Bank of Japan meeting.
If the BoJ keeps the yield curve control framework (YCC) unchanged, the yen is biased to rise more sharply than fall
We acknowledge that our conviction in adjusting the YCC has diminished, and the BOJ still does not rule out that action will be taken given the inevitable surprises that may arise from changing the YCC.
Our current Q3 end-of-Q3 forecast for USD/JPY is 136.00, which takes into account our view that the central bank will adjust the YCC and hints that an unexpected change in the YCC will lead to a sharp drop.
Our current end-of-Q3 rate of 136.00 incorporates our view on changing the YCC, which means that if the YCC changes unexpectedly, the rate will drop significantly.
If the Bank of Japan keeps the yield curve control framework (YCC) unchanged, the yen is biased to rise more sharply, rather than fall.
