Japan's yen hits weakest level in three decades as BOJ keeps interest rate unchanged, as expected

seekingalpha04-26

The Japanese yen weakened down to a fresh 34-year low past 156 to the dollar, breaching that level for the first time since May 1990 as the Bank of Japan held interest rates steady despite pressure ...

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Meanwhile, the BOJ revised its inflation forecasts higher and said the economy will likely keep growing at a healthy pace. The Bank of Japan kept its key short-term interest rate unchanged at around 0% to 0.1% at its April meeting. The decision came in line with the market expectations. In March, the central bank hiked rates for the first time since 2007, ending Japan’s negative interest rate era that began in 2016. The central bank also said it will continue to conduct bond purchases, in line with the March decision. Friday's statement scrapped a reference that the BoJ had purchased about JPY 6 trillion per month in the past. In a quarterly outlook, the committee revised higher CPI prints for FY 2024 to 2.8% from January's projections of 2.4%, due to the waning effects of higher import prices and fewer government support measures. For 2025, the board expects core inflation to hit 1.9%, slightly higher than its earlier estimates of 1.8%, reflecting a recent rise in oil prices. On the GDP front, policymakers cut their 2023 growth forecast to 1.3% from 1.8%. For FY 2024, the bank also slashed its GDP outlook to 0.8% from 1.2%, mainly reflecting lower private consumption. The yen has lost 10% against the dollar this year due to near-zero BOJ rates, prompting traders to borrow and invest in higher-yielding currencies. Markets continued to watch for signals from Japanese authorities on whether they would intervene in the currency markets again to arrest the yen’s slide. ETFs: (JEQ), (EWJ), (DXJ), (FXY). Japan's Nikkei 225 (NKY:IND) rose 0.7% to around 37,876 points in mixed trade on Friday after BOJ decision. (USD:JPY) is trading at 155.983.  More on Japan  Japan's manufacturing activity rises to 49.9 in April; services PMI rises to 11-month peak Japan's inflation ticks lower to 2.7%, meeting expectations Japan’s trade balance swings to surplus in March as exports surge Japan's producer prices up 0.8% in March, rise the most in five months Japan's central bank hikes interest rate after 17 years, scraps yield curve control","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430521241"}