Yen Hits 15-Year Low Versus Euro After BOJ Underwhelms Investors
- Move disappoints traders betting on more decisive action
- Focus shifts back to currency intervention: Bank of Singapore
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The yen slid to a 15-year low against the euro and extended declines against the dollar after the Bank of Japan fell short of market expectations in loosening its control of bond yields.
The Japanese currency rose above 160 per euro for the first time since August 2008 and weakened past 150 against the dollar after the BOJ on Tuesday removed a 1% yield cap on its daily bond purchases. This leaves the yen open to the possibility of the Japanese government intervening to curb further sharp movements.