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The Japanese yen weakened sharply against major currencies on Friday after the Bank of Japan’s widely expected interest rate hike failed to impress currency markets.
The yen fell as much as 0.8% to 157.145 per U.S. dollar, its weakest level since September 3, despite the BOJ raising interest rates to their highest level in more than three decades. The decision was not unanimous, with two policymakers voting to leave rates unchanged, adding to concerns about the pace of future monetary tightening.
Against the euro, the yen also dropped 0.8% to 180.32.
Ray Attrill, head of FX strategy at National Australia Bank, said the BOJ decision had fallen short of market expectations, particularly because policymakers failed to deliver a unanimous vote.
Japan’s latest inflation data showed core consumer inflation remained close to the BOJ’s 2% target in August, keeping attention on persistent price pressures. Investors are now focused on Governor Kazuo Ueda’s press conference for signals about whether further interest rate increases remain under consideration.
Elsewhere in foreign exchange markets, the British pound gained 0.1% to $1.3374 after the Bank of England kept interest rates unchanged and unexpectedly suspended government bond sales for six months. The euro climbed 0.1% to $1.1491.
The Australian dollar advanced 0.3% to $0.7133 after Reserve Bank of Australia Governor Michele Bullock warned that inflation risks identified by policymakers appeared to be materializing. The New Zealand dollar edged 0.1% higher to $0.5739.
Meanwhile, the U.S. Dollar Index slipped 0.1% to 100.1900. Fed funds futures indicated a 53% probability of a quarter-point Federal Reserve rate hike next month, up from 27.2% a week earlier, according to CME FedWatch.
Oil prices declined, with Brent crude falling 0.9% to $103.86 per barrel as markets reassessed Middle East supply risks.
Cryptocurrencies strengthened, with Bitcoin rising about 1% to $77,288.47 and Ether gaining roughly 1% to $2,474.75.
