21 May
Yen strengthens, U.S. dollar declines amid BoJ decisions
The markets were stunned by the Bank of Japan move away from its ultra-soft monetary policy. Immediately afterwards, the U.S. dollar fell, while the yen soared.
Among the decisions taken by the BoJ are keeping the key rate close to zero, as well as expanding the range for yield fluctuations in the 10-year bonds to diapason from -0.5% to 0.5% (the previous one was from -0.25 to 0.25%).
The USDJPY fell to the early August levels after a period of unexpected moves. That moves were seen as a sign that the bank will change the course of monetary policy towards a tighter one. These changes are assumed to be necessary as Japan's inflation rate is believed to be the highest in 40 years.
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