The Japanese yen fell into a steep plummet today, weakening by more than 130 to the U.S. dollar for the first time in 20 years following the announcement by Japan’s central bank that it would continue to keep interest rates low despite ongoing inflationary concerns.
What Happened: The Japan Times reported the Bank of Japan (BOJ) stated it would keep its yield curve control settings and the scale of its asset purchases unchanged. The move was widely expected as BOJ Gov. Haruhiko Kuroda and the central bank’s board maintained their position that rates will stay low and might even go lower.
