The yen fell to a new 34-year low on Friday after the Bank of Japan held interest rates near zero, despite rising pressure on the central bank to tighten its policy to prop up the currency.
Following the BoJ’s recent historic shift to ending its ultra-loose monetary stance, governor Kazuo Ueda has had to navigate challenges posed by the yen’s depreciation and growing signals in the US that the Federal Reserve will keep interest rates high to tame inflation.
On Friday, the BoJ unanimously agreed to continue guiding its overnight interest rate within a range of about zero to 0.1 per cent. In March, the central bank ended its negative interest rate policy, raising borrowing costs for the first time since 2007.
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