Bank of Japan's landmark decision on March 19 to end negative interest rates—lifting short-term policy to 0-0.10% while signaling further normalization—propelled the yen sharply higher, driving USD/JPY down over 3% intraday from an open near 151 to lows around 147. This policy pivot, long anticipated but executed with hawkish undertones, crushed carry trades and reinforced trader consensus at 100% for "Down," as measured open-to-close. Aggregated real-money bets reflect near-certainty, backed by the pair's sustained slide amid thin reversal volume. Tail risks remain slim but include a dovish BOJ clarification or unexpected BOJ intervention reversal, though post-announcement momentum favors resolution as "Down."