USDJPY Renews Gains Around 150 Mark After BoJ Leaves Interest Rates Unchanged

Published on Oct 31, 2023 10:59

The Japanese yen extended slide on Tuesday after Bank of Japan decided to leave their current policy settings unadjusted, following its October monetary policy review meeting. Widening interest rate gaps between Japan and other markets have driven down the yen�s value. Yields on the Japanese 10-year bonds were hovering at a 10 year higher while USDJPY pair was quoting at 150.14, up 0.70% on the day. The Japanese central bank refrained from altering its yield curve control (YCC) policy, though changed language around the target range for the benchmark 10-year yield. The BoJ decides to keep the yield target but make 1% a reference cap. Meanwhile, buoyant dollar ahead of FOMC this week is also supporting USDJPY pair on the upside. The dollar index is quoting at 106.23, up 0.3% on the day. Meanwhile, on the NSE, JPYINR pair is weaker by 0.3% at 55.80.