BOJ Rate Hike Fails to Stabilize Yen as It Hits Three-Decade High

The yen weakened against major currencies in Asian trading on Friday, after a widely-expected rate hike by the Bank of Japan. Despite this increase, which brings interest rates to their highest in more than three decades, the currency's decline continued.

Against the dollar, the yen fell as much as 0.8% to 157.145 per dollar, its weakest since September 3. Against the euro, it was 0.8% weaker at 180.32 yen.

Market analysts pointed out that the BOJ's decision did not meet expectations, with two board members voting against a rate hike. This lack of unity 'really raised eyebrows in the market', said Ray Attrill, head of FX strategy at National Australia Bank.