Article by: Miku Kudo

The yen temporarily appreciated to the mid-130 yen per dollar range in the New York foreign exchange market following the Bank of Japan's de facto decision to raise interest rates.

In the New York foreign exchange market on 20, the Bank of Japan's decision to revise its current monetary easing measures and effectively raise interest rates led to selling of the dollar and buying of the yen on the view that the interest rate differential between the U.S. and Japan would narrow.

The yen temporarily appreciated against the dollar to the mid-130 yen per dollar range, the first time in about four and a half months since August of this year that the yen had hit the 130-yen level.