Yen tanks as Bank of Japan sticks to stimulus strategyReuters, NEW YORKThe Japanese yen fell against the US dollar on Friday, after the Bank of Japan bucked a wave of tightening and stuck with its ultra-accommodative stance, adding to soaring volatility in a currency markets hit by a series of rate hikes this week. The Bank of Japan (BOJ) went against the current on Friday, keeping all of its policy settings unchanged and vowing to defend its bond yield cap of 0.25 percent with unlimited buying. Japanese yen and US dollar banknotes are displayed on Wednesday. Photo: ReutersThe BOJ’s move knocked the yen, which on Wednesday hit a 24-year low of ￥135.6 per US dollar, broadly lower. The Swiss National Bank’s (SNB) surprise decision to raise rates by 0.5 percent continued to reverberate through markets.
