Much Ado About Nothing Sends Yen Tumbling
Currency markets are settling into new trading ranges after the Bank of Japan defied pressure to change its policy settings, and ahead of data that could shed light on the strength of underlying consumer demand in the world’s largest economy. The greenback is slightly weaker on the day, and is down more than 10 percent from its late-September highs. The yen dropped almost 2 percent last night after the Bank of Japan said it would leave its yield curve control policy unchanged, surprising a small contingent of market participants who were betting on another increase in the target band. Policymakers...