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Yen faces worst monthly drop since July as BOJ disappoints
Yen plunges as BOJ disappoints markets and the dollar strengthens amid U.
The Japanese yen is heading for its worst monthly drop since July, after the Bank of Japan opted to keep rates unchanged at 0.5% and offered a less hawkish future-rate tone than markets anticipated. At the same time the U.S. dollar climbed toward a three-month high, propelled by comments from the Federal Reserve signaling fewer imminent rate cuts. Weak export-order data from Japan added downward pressure on the yen. The currency dynamics are raising concerns about emerging-market currency risk and export competitiveness in Asia.