The yen briefly fell to the ¥157 range against the US dollar after the Bank of Japan decided to raise interest rates at its monetary policy meeting. The yen weakened as expectations for an early rate hike receded.
The yen in Tokyo briefly reached the ¥157 range against the US dollar following news that the Bank of Japan had decided to raise interest rates at its monetary policy meeting. This was the weakest yen and strongest dollar level in about 2 weeks.
After the policy decision, it was reported that 2 policy board members had opposed the rate hike, leading to a decline in expectations for an early rate hike in the future.
In the Tokyo stock market, the Nikkei 225's gains briefly exceeded ¥1,300.