The Bank of Japan has driven the yen towards a multi-decade low, defying a global shift towards higher interest rates and vowing to keep bond yields at zero.
Within minutes of the BoJ’s policy decision on Thursday, the yen fell to ¥129.88 against the dollar as the central bank promised to conduct daily operations in defence of its “around zero” target for 10-year bond yields.
With the US Federal Reserve set to begin raising rates rapidly, the BoJ’s decision to stand fast will exacerbate a global divergence in yields that has pushed the yen to its lowest level since the early 1970s in real terms.
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