Yen weakens despite rate hike
The Bank of Japan has raised interest rates to their highest level in over three decades, despite the yen weakening by 0.6% against the dollar and 0.7% against the euro following data indicating that inflation remains close to the 2% target in August. This has led to a decline in the yen against major currencies, as the Japanese currency resumed its losses despite the bank’s decision, amid internal divisions regarding the policy. This move comes as the bank tries to balance addressing potential inflationary pressures with currency market pressures, with investors closely watching the governor’s statements and the minutes of the meeting later on.
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