The yen surges against the dollar after the Bank of Japan sets the stage for ending its era of ultracheap borrowing
to move between 0.5% and –0.5%, compared with between 0.25% and –0.25% previously.
"Today's step is aimed at improving market functions, thereby helping enhance the effect of our monetary easing," he said in aBut investors appeared to shrug off those comments, and the yen rallied thanks to expectations the widening of YCC sets the stage for interest rates to rise next year. The Japanese currency was up 3.26% at 132.45 yen per dollar at last check Tuesday.
The BoJ has kept its interest rates negative this year, even as the US Federal Reserve and other global central banks have hiked rates aggressively in a bid to tame red-hot rates of inflation. Low interest rates have hit the yen's value because they make the currency less attractive than its rivals such as the dollar for foreign investors seeking higher yields.
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