BOJ Holds Rates Steady Amid Yen Intervention

The Bank of Japan kept interest rates steady at 1% on July 31, signaling its resolve to continue pushing up borrowing costs. This decision follows a hike to a 31-year high just last month.

However, the government's yen-buying intervention overnight failed to give the sagging currency lasting support. Tokyo conducted yen-buying, dollar-selling market intervention in New York markets on Thursday, but the yen's rebound was short-lived.

U.S. Treasury Secretary Scott Bessent said Japan may have intervened to prop up its yen currency that looked 'very undervalued.'