The Bank of Japan unveiled fresh easing measures on Thursday, sending the yen lower as it wrapped its first policy meeting under a new leader who has vowed to turn around the country’s economy.
The central bank said it would boost its asset purchases, including Japanese government bonds, while pledging to meet a two per cent inflation target within two years, aimed at reversing decades of falling prices.
The BoJ said it would “enter a new phase of monetary easing both in terms of quantity and quality”.
Among its purchases would be exchange-traded funds and longer-term bonds, with the latter aimed at pushing down long-term interest rates to encourage companies and individuals to borrow.
In forex trading, the dollar rose to 93.87 yen and the euro was up at 120.45 yen, from 92.94 yen and 119.39 yen earlier Thursday.