21 Days
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الاقتصادية
Interest rate hikes can't boost yen
The yen declined against major currencies in Asian trading after the widely anticipated decision by the Bank of Japan to keep interest rates unchanged, which failed to halt its decline. The yen fell by as much as 0.8% to reach 157.145 per dollar, its lowest level since September 3rd. This happened despite the bank raising interest rates to their highest levels in over three decades, with the majority of board members voting in favor of the hike, only two members opposing. Analysts confirmed that the market’s hopes that monetary tightening alone would be enough to support the currency were dashed, as inflationary pressures persisted and core inflation remained steady near the central bank’s 2% target. Market participants were also awaiting Governor Kazuo Oeda’s upcoming conference to explain the bank’s decision and assess prospects for future normalization. Meanwhile, other currencies showed slight gains against the dollar.
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