YEN HITS TWO AND HALF MONTH LOW AGAINST DOLLAR; BOJ KEEPS RATES UNCHANGED

Published on Jun 14, 2024 11:05

The Japanese yen weakened sharply against the dollar on Friday to its lowest level in around two and half months after the Bank of Japan decided to keep interest rates unchanged in June as widely expected, after its first rate hike in seven years at the March meeting. The Bank further decided that it would reduce its purchase amount of JGBs thereafter to ensure that long-term interest rates would be formed more freely in financial markets. Meanwhile, the dollar index holds close to 105 mark despite the release of weaker-than-expected economic data on Thursday. Currently, USDJPY pair is holding at 157.97, up 0.60% on the day and at its highest level since end of April.