Japanese Yen Plummets as BOJ Signals No Near-Term Rate Hike

The Japanese yen dropped on Wednesday after Bank of Japan (BOJ) Deputy Governor Shinichi Uchida stated that the central bank would not raise interest rates in the near term, easing trader concerns about another potential rise in the yen that could disrupt financial markets.Following Uchida's remarks, the yen fell approximately 2.5 percent to 147.94 against the dollar. The dollar last traded 1.7 percent higher at 146.79 yen.The dollar index, which measures the US currency against a basket of six major currencies, rose 0.15 percent to 103.13 points.The euro slipped 0.1 percent to $1.0923, while the British pound edged up 0.1 percent to $1.2704. The Australian dollar increased by 0.64 percent to $0.6561, and the New Zealand dollar climbed 1.11 percent to $0.6018 following strong employment data. (QNA)Source: Qatar News Agency