The Bank of Japan sparked a sharp slide in the yen against the dollar Thursday, with the exchange rate hitting the ?130 mark, after it held its ground amid a global wave of interest-rate hikes by leaving its monetary stimulus unchanged and indicating that faster price growth in the coming year won¡¯t last.
The central bank kept its yield curve control settings and the scale of its asset purchases unchanged, according to a statement. The decision had been widely expected among economists despite ongoing speculation the BOJ might take action in light of the recent slide in the yen to a two-decade low.
The BOJ said it would carry out fixed-rate bond buying every business day as it firmed up its resolve to defend its target on 10-year yields as part of its stimulus measures.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.