© Reuters. FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo

LONDON (Reuters) – JPMorgan (NYSE:)’s analysts said on Friday they were maintaining the investment bank’s “bearish view” on the Japanese yen after Friday’s move by the Bank of Japan (BOJ) to make its key yield curve control policy more flexible.

In a research note, the analysts said that while the yen could rise “to some degree in the short run” it would be difficult for the BOJ to fundamentally change its accommodative stance as long as there was no shift in what it considers as the key determinants of inflation.

The yen swung from between a daily loss of 1.2% and a daily gain of 1% against the dollar in the wake of the BOJ’s announcement. It was last unchanged on the day at 139.35.