Asia stocks find footing, yen slides as BOJ holds the line

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The Japanese yen slipped on Friday after the Bank of Japan (BOJ)stuck to ultra-easy monetary policy and made no changes to its outlook, while stocks and bonds were kept under pressure as investors hunkered down for U.S. interest rates to stay high.

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22 Sep 2023

Benchmark 10-year Treasury yields hit a 16-year high of 4.503%.

The BOJ, as expected, maintained super-low interest rates, left its yield control policy unchanged, signalling it was in no rush to phase out its massive monetary stimulus. Governor Kazuo Ueda is due to give a news conference at 0630 GMT.

The yen fell about 0.3% to 148.09 per dollar after the announcement but stopped short of breaking below Thursday's low with traders wary of intervention especially as the BOJ added it was watching the impact of FX moves on Japan's economy.

«It just puts markets further on notice that it's not a green light to be buying dollar/yen with impunity,» said Ray Attrill, head of FX at National Australia Bank in Singapore.

Japan's Nikkei pared losses of as deep as 1% to trade 0.2% lower in the afternoon. Japanese