Forex
BOJ Rate Hike Fails to Arrest Yen's Decline Amid Inflation Concerns
The Bank of Japan (BOJ) raised its policy rate by 25 basis points to the highest level in over 30 years amid steady core inflation near its 2% target. Despite this, the yen weakened against major peers, resuming its slide after snapping a three-day losing streak on Thursday.
Against the US dollar, the Japanese currency weakened 0.6% to 156.91 yen per dollar. Against the euro, it was 0.7% weaker at 180.21 yen.
The BOJ's decision was not unanimous, with two board members voting against the rate hike.