The Japanese currency weakened against the U.S. dollar after the Bank of Japan surprised markets by keeping its yield curve tolerance band unchanged.
weakened 2.04% against the U.S. dollar shortly after the decision was announced and last stood at 130.35, hovering at its strongest levels since June, 2022.
"Japan's economy is likely to recover toward the middle of the projection period," the Bank of Japan said in a statement. The central bank left its interest rate unchanged at an ultra-dovish -0.1% – in line with expectations and maintaining the same rate it's kept since 2016.
The yield on the 10-year JGB exceeded the upper ceiling of its band for a fifth straight session on Wednesday morning and last stood at 0.507%.
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