Ok - all of my FOREX trading friends - print this and put it into your FOREX trading folder and label it - no change in interest rates. Since that was expected what should your trade have been?
Does that make any sense whatsoever? No - that's right it doesn't. We've been expecting no change yet the Yen drops like a rock. The way the Yen went suggests that the dollar strengthened on the news. Yet the dollar didn't change at all - it remained exactly the same. The amount of interest gained by the dollar didn't change - but still this amazing overshoot. By 4 A.M. tomorrow morning (if not sooner) the Yen should be back where it started.
Since there was no change expected a short sale around 1 P.M. EDT would have been appropriate. The only way the Yen would have gone more expensive to the dollar would have been if the Fed cut rates which would have cheapened the dollar. So 2 out of 3 for a Yen drop in value versus 1 out of 3 with absolutely no confidence in a Yen appreciating in value. It's a no brainer and almost an automatic profit. Just keep "almost" firmly in mind if you ever do this. And if you decide to trade FOREX I suggest you watch for awhile and learn how it reacts to various U.S. economic reports before you put your money in play.