BOJ Raises Interest Rates, Yen Weakens Against Peers

The yen weakened against major peer currencies after the Bank of Japan raised interest rates to a 30-year high. Despite the rate hike, BOJ Governor Kazuo Ueda remained vague on future hikes, prompting traders to sell the yen. The dollar rose to its strongest level in four weeks, reaching 157.67 against the yen, while the euro and Swiss franc hit all-time highs against the yen. Sterling also rose to its highest level since 2008 against the yen. Traders consider the possibility of official intervention to support the currency.