Yen Weakens Further as BOJ Hikes Rates Amid Dissent

The Japanese yen weakened significantly to 157.33 per dollar after the Bank of Japan raised interest rates to a 31-year high of 1.25%, with two board members dissenting from the hike.

This move was expected, but the unexpected dissent from some BOJ officials has tempered hawkish expectations and led to yen bears being disappointed.

The BOJ's decision came as global central banks continue to grapple with inflation fears fueled by the ongoing Middle East conflict, which has kept oil prices above $100 per barrel.