Markets are afraid there might be a sign of stagflation in the U. S. economy.
More Quotes from Junya Tanase:
We'll probably see the yen gain a little if the BOJ changes policy today, but I would expect any gains to be short-lived, and the dollar's uptrend to soon resume.Junya Tanase
There is a sense of accomplishment in the market, having succeeded in boosting the dollar above the key 116 yen level.
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Given the current sentiment in the market, there's probably a greater chance of the dollar rallying on a strong number than the risk of any sort of sell-off if there is disappointment.
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It seems the Fed is moving toward putting even more emphasis on economic data when deciding how to act on monetary policy.
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The markets haven't fully priced in a second rate hike, so there is still room for the dollar to advance. Data today look as if they will be strong and support the dollar.
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