The Bank of Japan stated in its announcement that its policy board decided by eight votes to one to keep the base interest rate at 1 percent, as expected. Due to this decision, the yen’s exchange rate decreased, although the day before it had risen against the dollar. This sparked speculation that Japanese authorities intervened in the currency markets.
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Friday’s announcement was made at a time when bank officials are under pressure to tighten monetary policy as inflation gradually rises and the yen’s exchange rate against the US dollar hovers near its lowest level in four decades.
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