The euro is becoming firmer, supported by a better economic outlook and expectations of further interest-rate increases by the ECB.

Strong economic figures will confirm the Japanese economy is doing better, reinforcing expectations of an end to the zero- interest-rate policy as early as the fourth quarter. That's yen positive for sure.

The CPI proved not so helpful for the yen's rises. The market is now shifting its focus to the policy meeting.

Given what's already priced in, I don't think there's any reason for the yen to rise much further.

Speculation about an early shift in policy will fitfully encourage yen-buying in the short term. That will become increasingly so as we head toward April.

A positive nationwide core figure will trigger relieved yen-buying.