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HomeBusinessYen swoons in nervous trading in wake of BOJ standing standoff

Yen swoons in nervous trading in wake of BOJ standing standoff

The yen swung sharply from the day’s low to near its high amid jittery trading in the wake of the Bank of Japan’s decision to leave monetary policy unchanged.

The stock fell 0.6% to ¥156.51 as of 5:41 PM in Tokyo, after previously hitting the day’s weak point of ¥156.82. Gov. Kazuo Ueda indicated that monetary policy will remain loose for now, with the currency hitting a new 34-year low against the dollar on Friday.

The yen’s prolonged slump has fueled speculation that authorities could intervene in the market as early as Friday, with further risks set to materialize later when data on the US Federal Reserve’s favorite inflation gauge is released.

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