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Bank of Japan Raises Rate to 1.0% on June 16, but Yen Still Falls Below ¥162 per USD

GateNews
Forex
According to the Bank of Japan's official policy announcement on June 16, the central bank raised its key interest rate from 0.75% to 1.0%—the highest level in 31 years—yet the Japanese yen still fell below ¥162 per U.S. dollar. Despite spending 11.7 trillion yen on currency interventions in April and May, the rate hike failed to reverse the depreciation trend. Analysts attribute the yen's continued weakness primarily to the interest rate differential between the U.S. and Japan, which fuels carry trades where investors borrow cheap yen and invest in higher-yielding foreign assets.
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