On Monday, the Japanese yen continued its decline, which began on Friday, after the decision of the Bank of Japan to adjust monetary policy. Nevertheless, the yen may end the month on a positive note against the US dollar for the first time since March. During the European session on Monday, the USD/JPY pair reached a three-week high of 142.68. The current quote of the pair is 142.10. The yen's decline began on Friday, when traders were assessing the impact of the Bank of Japan's decision to maintain ultra-soft interest rates and introduce more flexibility into the yield management System (YCC). The dollar/yen pair ended Friday with an increase of 1.2%, but before that it fell by 1%, to a session low of 138.05. The Bank of Japan keeps yields at extremely low levels, which has been putting pressure on the yen for a long time. Today's intervention by the central bank signals that this situation is likely to continue. The yield on ten-year Japanese bonds rose to a nine-year high, which prompted the Bank of Japan to buy government bonds. The move came as a surprise to some market participants and triggered yen sales, analysts said.
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