Yen weakens as BOJ gives no details on JGB purchase cut

TOKYO -- The yen weakened below 158 yen to the dollar on Friday afternoon, immediately after the Bank of Japan announced that it will cut its Japanese government bond (JGB) purchases, but not immediately, following its monetary policy meeting.

The yen dropped to 158.25 following the BOJ announcement, according to Refinitiv, down from around 157 yen before the meeting. That was its lowest point since April 29, the day the government and the central bank likely intervened to prop up the currency for the first time in a year and half.