Tuesday saw the yen plummet as the Bank of Japan sticked to its dovish stance, as projected, and gave no indication that a change was on the horizon. Meanwhile, the dollar continued to move near the bottom of its current range.

The dollar gained 1.3% against the yen, while the euro gained a little more. This was the highest daily gain for both since the end of October, when the BOJ's last meeting similarly disappointed markets that were hoping for a clue that policy was shifting.

The US dollar hit 144.95 yen.

Despite the fact that the result met market projections, investors were watching for clues that the dovish central bank will eventually abandon negative interest rates.

Even though market projections regarding FOMC potential rate cuts have been retracted, the remarks made by Fed members have not had much of an impact on market pricing or the depreciation of the US dollar.