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Dollar steadies as Yen falls amid BOJ rate hike
The Bank of Japan raised interest rates to their highest level in 31 years at 1.25%, in a anticipated decision, but it was accompanied by opposition from two board members, which lessened expectations of further monetary tightening. Nonetheless, the US dollar remained steady supported by expectations of another Federal Reserve rate hike, with a 53% probability of a 25 basis point increase at next month’s meeting. The dollar index approached a seven-week high, reaching 100.26 points. The Japanese yen fell against the dollar despite the rate increase, with the pair potentially returning to the 157-160 level in the coming weeks if market conditions continue to support that move. Additionally, Japan’s inflation data shows a slight slowdown, with core consumer prices rising by 1.7% annually, still below the central bank's 2% target.
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