Yen falls after Japan raises interest rates

The yen fell against other major currencies during Friday’s trading in Asian markets, as the anticipated Japanese interest rate hike failed to halt the currency’s decline.

The Japanese currency dropped 0.6 percent to 156.91 against the dollar, resuming its downward trend after rising on Thursday following a three-day losing streak, despite the Bank of Japan raising interest rates to their highest level in over three decades.

The decision was not unanimous, with two members of the Board of Governors voting to keep monetary policy unchanged. Against the euro, the yen fell 0.7 percent to 180.21.

The yen’s decline came after data released on Friday showed that core inflation in Japan remained stable near the central bank’s 2 percent target in August, highlighting growing price pressures.