BOJ hold lifts yen 0.24% to 157.34 per US dollar
The Japanese yen just got a bit stronger against the US dollar after the Bank of Japan (BOJ) decided not to change its interest rates, something all 53 economists polled by Bloomberg expected.
The yen is now up 0.24%, sitting at 157.34 per US dollar, which highlights its reputation as a safe pick when global markets get shaky.
Investors await Kazuo Ueda comments
The BOJ kept rates steady, offering signs of a return to the yen's traditional haven role.
According to Goldman Sachs strategists, recent tweaks in Japan's policies have made the yen "becoming a more effective hedge against an artificial intelligence-driven market shock."
While Japanese tech stocks are feeling pressure from a worldwide tech slump, demand for long-term government bonds at home remains strong, with yields on 30-year bonds dropping sharply.
Investors are now watching for comments from BOJ Governor Kazuo Ueda for clues about what's next.