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BoJ Holds Rates at 1%: Will Japan’s Yen Intervention Hold?

BoJ Holds Rates at 1%: Will Japan’s Yen Intervention Hold?

The Bank of Japan is set to hold its policy rate at 1% on Friday. Confirmed currency intervention sent the Japanese Yen (JPY) surging against the US Dollar (USD) before partly reversing.

A market source told Reuters that Japan carried out yen-buying, dollar-selling intervention overnight. The move pulled the currency off a 40-year low in its biggest single-day jump since January 2023.

A Yen Rally Already Fading USD/JPY tumbled from above 163 to below 158 on Thursday. The pair then climbed back to 160.175 in early Friday trading as the intervention effect began to fade.

Still, the reversal shows how quickly currency moves can unwind without follow-through signals from the central bank itself. The Yen suddenly strengthened against the USD, but that strength is quickly being erased..

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