Yen Falls Against Major Currencies as BOJ Rate Hike Fails to Stem Decline
The Japanese yen fell against major currencies in Asian trading on Friday, after a widely anticipated interest rate hike by the Bank of Japan (BOJ) failed to halt the currency's decline.
The yen dropped by as much as 0.8% to 157.145 against the US dollar, its weakest level since September 3, even as the BOJ raised interest rates to their highest levels in more than three decades.
The central bank's board voted 7-2 in favor of a 25-basis-point rate hike, while two members voted to keep the monetary policy unchanged.
"They have clearly disappointed relative to expectations here," said Ray Attrill, Head of FX Strategy at National Australia Bank in Sydney.
He added, "I think one of the most surprising aspects is that they couldn't even get a unanimous vote on this; that has actually raised question marks in the market."
Against the euro, the yen weakened by 0.8% to 180.32 yen.
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