Japan's CPI decelerated sharply to 1.5% (below the 2% target). The Yen is trading at 155 against the USD. Slowing inflation reduces the pressure on the Bank of Japan to hike rates aggressively. With the Fed potentially holding rates higher due to US energy inflation (from the Iran conflict), the yield differential (carry trade) favors the USD over the JPY. SHORT JPY (Long USDJPY). A sudden currency intervention by the Japanese Ministry of Finance if the Yen weakens too rapidly past 155.