BoJ Hike Lifts Yen, But USD/JPY Holds Near 162.00
USD/JPY closed the week near 162.00, just below multi-decade highs, despite a Bank of Japan rate hike that was meant to strengthen the yen.
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The Japanese yen gained briefly after the Bank of Japan's rate hike, but the USD/JPY pair ended the week pressing the 162.00 level—a whisker beneath its multi-decade high. The hike was billed as a turning point for yen policy, yet the currency's weakness persisted, suggesting Tokyo needs to do more to sustain a rally.
Markets are now watching for further intervention signals. The pair remains heavily reliant on BoJ follow-through and US dollar dynamics.
Source: FXStreet Forex News