BOJ announcement causes yen to slump against euro and affect USD/JPY.

Traders and investors are holding off trading in JGBs, yen, and other Japan assets while waiting for the Bank of Japan's decision, causing spreads to widen and choppy, gappy price action in markets. The BOJ announcement is taking longer than expected, and the latest chatter suggests an examination of past monetary policy. Prior previews indicate a possible policy revision or a move on a 5-year JGB target option, but BOJ Gov Ueda has dismissed any change to YCC at this week's policy meeting.