The yen strengthened by more than ¥1 at one point in the New York market, reaching the ¥156 level per dollar. Although the BOJ decided to raise interest rates, views that the response to its press conference was cautious became widespread, and the yen remained volatile afterward.
In the New York foreign exchange market, the yen surged against the dollar, strengthening by more than ¥1 at one point as the dollar weakened, and reaching the ¥156 level per dollar. Some market participants also suggested that the BOJ had conducted a rate check.
The BOJ decided to raise interest rates at its Monetary Policy Meeting, but selling of the yen intensified after 2 policy board members opposed the decision and Governor Ueda's press conference was viewed as dovish. The yen then weakened, reaching the ¥158 level per dollar at one point.
On the 16th, the Federal Reserve Board (FRB) decided to raise interest rates for the first time in 3 years and 2 months. Expectations of another rate hike this year increased, strengthening yen-selling and dollar-buying as markets focused on the interest-rate differential between Japan and the United States.