The Bank of Japan said it would begin scaling back its ¥6tn ($38bn) monthly bond-buying programme, a critical milestone in unwinding its ultra-loose monetary policy and tapering its expanded balance sheet.
The yen weakened to ¥157.89 against the dollar on Friday, the lowest level since multiple government interventions from late April to May, after the Japanese central bank put off outlining a more specific plan for cuts to its bond purchases until next month.
BoJ governor Kazuo Ueda has faced pressure from the yen’s decline as weak domestic consumption has made it difficult for the central bank to raise interest rates fast enough to narrow the gap between Japan’s borrowing costs and higher interest rates in the US.
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