The Bank of Japan has lifted its benchmark interest rate to 0.25 per cent and outlined plans to halve its monthly bond purchases in a decisive move to tighten monetary policy.
With the US Federal Reserve set to move in the opposite direction, the BoJ’s shift to tighter policy will narrow an interest rate gap that has driven record weakness in the yen, marking a big shift for global currency markets.
The Japanese currency strengthened more than 1 per cent following the decision on Wednesday to ¥150.70 against the dollar.
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