BOJ Raises Rates but Yen Falls to 157 per Dollar...Why?

The Bank of Japan (BOJ) has raised its benchmark interest rate to a 31-year high, but the yen's value has fallen further instead. Market participants had already anticipated the rate hike, and with two policymakers voting against the increase, expectations have grown that future rate hikes will not be rapid. The focus now shifts to Governor Kazuo Ueda for any signals on additional rate increases.