The yen in Tokyo briefly fell to the ¥157 range after the Bank of Japan announced that it had raised its policy rate to around 1.25%. Ahead of Governor Ueda Kazuo's (植田和男) press conference, markets are assessing the outlook for monetary policy.
The Bank of Japan decided at its monetary policy meeting to raise its policy rate from its current level to around 1.25%.
Two Policy Board members, Asada Toichiro (浅田統一郎) and Sato Ayano (佐藤綾野), reportedly opposed the rate hike.
In the Tokyo foreign exchange market, the yen weakened against the dollar, briefly reaching the ¥157-per-dollar range. The Nikkei 225 also at one point rose more than ¥1,300 from the previous day's close.
Market participants are watching Governor Ueda Kazuo's (植田和男) press conference scheduled after the Bank of Japan meeting.