Yen Tumbles To 2-Week Low Even As BoJ Ends Negative Interest Rate Policy

Published on Mar 19, 2024 11:33

The Japanese yen tumbled sharply against the US dollar even as the Bank of Japan shifted from negative interest rate regime. The Japanese central bank lifted interest rates by 10bps to 0% from -0.1% for the first time since 2007. This was accompanied by the scrapping of the Yield Curve Control (YCC) policy. However, the Japanese currency continued to lose momentum amid massive strength in US dollar overseas. The dollar index is holding at around a week high at 103.42, up 0.17% on the day ahead of FOMC decision due this week. Meanwhile, USDJPY pair climbed to a two-week high of 150.34 and is up 0.80% on the day. On the NSE, JPYINR futures are also mounting losses at 55.28, down 0.78% on the day.