Yen Tumbles as BOJ Summary Dampens Rate Hike Expectations

The yen weakened against the dollar after investors were disappointed by the Bank of Japan's September meeting summary. The summary failed to provide signs that policymakers might be preparing for another interest rate hike this month. As a result, Japan's currency dropped as much as 0.5% to 158.21 against the dollar and was the worst performer among its Group-of-10 peers.

The yen's decline is significant because it suggests that investors are rethinking their bets on back-to-back rate hikes by the BOJ. A rate hike would typically strengthen a currency, but in this case, the opposite happened.