Yen dips despite higher Japanese rates

The Japanese yen weakened against major currencies despite the Bank of Japan's decision to raise interest rates to their highest level in over 30 years, declining by 0.6% against the dollar and 0.7% against the euro. This came after data showed that core inflation in Japan remained steady near the Bank's 2% target, indicating ongoing pressure on prices and increasing market expectations for the future of monetary policy. There was a divergence in the bank's decision, as two members voted against the rate hike, while Governor Kazuo Ueda is expected to clarify the details in a press conference later.

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