BOJ Holds Rates Steady, Yen Slips and Dollar Softens

The Japanese yen fell slightly against the US dollar after the Bank of Japan's (BOJ) maintained ultra-loose policy settings, especially the closely watched yield curve control (YCC) policy, in a bid to support the nascent economic recovery and sustainably achieve its inflation goal. The BOJ was widely expected to maintain its ultra-easy monetary policy at Friday’s meeting after BOJ Governor Kazuo Ueda said last month the central bank would ‘patiently’ maintain the current policy as there is still some way to achieve its 2% inflation target stably and sustainably.