BoJ Rate Hike Sends Japanese Yen into Tailspin

The Japanese Yen (JPY) has come under pressure after the Bank of Japan's (BoJ) monetary policy announcement on Friday, which saw interest rates rise by 25 basis points to 1.25%, the highest level in 31 years.

Despite this move, the USD/JPY pair is trading near 157.00, with a mild bullish bias as it clings above the 20-day Exponential Moving Average (EMA) at 156.56.

The Bank of Japan's board members Toichiro Asada and Ayano Sato opposed the hike decision, while investors seek fresh cues on how much more interest rates can be raised without hurting economic growth.