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LONDON/SINGAPORE, Sept 22 - The yen fell sharply on Friday after the Bank of Japan kept interest rates in negative territory days after the Federal Reserve signalled U.S. borrowing costs would stay high, piling pressure on the Japanese currency.
"We have yet to foresee inflation stably and sustainably achieve our price target," BOJ Governor Kazuo Ueda said in a press conference. "I think it's rather dovish, and that's why we've seen the yen go past 148," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. "On the other hand, the volatility is very low... so that's kind of a negative for intervention, because they always talk about intervention as tackling volatility."
Separate survey data covering the whole euro zone showed that the economy likely contracted in the third quarter.
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