The Bank of Japan didn't disappoint or do anything else when it kept its policy on hold, in line with expectations. But this is the last meeting before elections on July 21 which are widely expected as an electoral endorsement of Abenomics, reviving the economy through raising prices and wages. If that comes to pass, the BOJ is probably going to bend over to be even more accommodative going forward. Whether it works is still to be seen but investors are always hopeful. The yen is going to weaken against the dollar as the Fed is clearly in tapering mode as is discussed continually. If the BOJ is expected to act completely in concert with Abenomics expect the yen to weaken further and look for a break in dollar/yen above 105 in weeks. The BOJ already has a strong commitment to inflating prices through stimulus. They just need to convince the general population that prices will rise and so encourage spending today. With the population behind Prime Minister Shinzo Abe, expect the BOJ to become more proactive than they are. The dip in the dollar back below 100 is nervousness after the Fed minutes and Chairman Ben Bernanke's comments on Wednesday. That will pass.