The yen surged to a four-month peak against the dollar on Tuesday after the Bank of Japan said it would review its yield curve control policy and widened the trading band for the 10-year government bond yield in an unexpected tweak.
Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/IllustrationTOKYO, Dec 20 - The yen surged to a four-month peak against the dollar on Tuesday after the Bank of Japan said it would review its yield curve control policy and widened the trading band for the 10-year government bond yield in an unexpectedWhile it kept broad policy settings unchanged - pinning short-term JGB yields at -0.
The U.S. dollar index sank, dropping 0.21% to 104.42 and returning to the middle of its trading range this month of 103.44 to 105.90. The index measures the greenback against the yen and five other major peers, including the euro and sterling. The yen's gains were broad, with the euro tumbling about 3% to the lowest since Dec. 2 at 140.90 yen and sterling also sliding some 3% to the lowest since Oct. 12 at 160.87 yen.The Aussie and New Zealand dollars each fell about 3.5% to 88.37 yen , a seven-month trough, and 84.11 yen , a 5-1/2-week low, respectively.
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