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mpc: 3 In the period since the February meeting, the sterling effective exchange rate index had been broadly unchanged. The dollar and euro effective exchange rates were little changed, while the yen had appreciated by around 1%, possibly in anticipation of the Bank of Japan's decision to adopt a new framework for monetary policy on 9 March. More generally, the sterling ERI had traded within a relatively narrow range for the past five years or so. Measures of implied volatility from options prices suggested that markets were not particularly uncertain about near-term movements in major exchange rates, despite their apparent focus on global current account imbalances in recent years.