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Friday
Jul292016

Nikkei whipsaws after BOJ disappointment; yen surges against dollar

Japan shares whipsawed and the yen surged after the Bank of Japanthrew markets a smaller-than-expected bone in keenly watched decision on Friday.

While the BOJ eased its monetary policy further by increasing its buying of exchange-traded funds (ETFs), it didn't change interest rates or increase the monetary base.

Reuters reported the BOJ will increase its ETF buying so that its holdings rise at an annual pace of 6 trillion yen, compared with 3.3 trillion yen previously. The BOJ left its base money target unchanged, said Reuters.

The Japanese yen surged against the dollar after the announcement, with the dollar/yen pair falling as low as 102.85, compared with around 103.75 immediately before the decision. The yen was already volatile before the announcement, touching a session high of 105.33.

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