On the 30th, the yen briefly rose to the 156 range against the dollar against the backdrop of the Bank of Japan's policy decision and a committee member's proposal. While the Bank of Japan left its policy rate unchanged at 1.25%, one committee member proposed a rate hike to 1.5%, and Governor Ueda's press conference was also received as hawkish.
In the foreign exchange market on the 30th, the yen briefly rose to the 156 range against the dollar. Reports indicated that the Bank of Japan had left its policy rate unchanged at 1.25% while one policy board member had proposed raising it to 1.5%. This prompted yen buying, and the rate was around ¥157.50 per dollar before noon.
The Bank of Japan was reported to have left its policy rate unchanged at 1.25%, as the market expected. The article said that some committee members' rate-hike proposal and the content of Governor Kazuo Ueda's press conference were viewed as factors supporting yen buying, drawing attention to the outlook for monetary policy.
Market participants held mixed views on the Bank of Japan's decision to maintain the current stance and the possibility of an additional rate hike. It was suggested that movements before and after the policy decision was released, as well as remarks at the press conference, affected short-term currency movements.
The latest move represented a temporary strengthening of the yen, and its direction could change again depending on subsequent developments. Interest-rate trends at banks and differences among committee members' views are expected to remain the market's focus for the time being.