FOREX-Yen slides as BOJ’s piecemeal policy tweak underwhelms

The yen weakened on Tuesday and languished near a one-year low against the dollar, after a small step by the Bank of Japan (BOJ) towards ending years of massive monetary stimulus failed to appease some investors who had expected a bigger move. At the conclusion of its two-day policy meeting, the BOJ said that it would keep the 10-year government bond yield around 0% set under its yield curve control (YCC), but re-defined 1.0% as a loose "upper bound" rather than a rigid cap. Some analysts touted the move as a de-facto abolishment of the BOJ's controversial YCC regime, but the yen still slid roughly 0.8% past the 150 per dollar threshold to hit an intraday low of 150.26.