BOJ Inflation Target Signal Supports Yen Gains, Strategists Say

The yen strengthened as the Bank of Japan (BOJ) decided to keep its benchmark rate steady but signaled that it's close to hitting its 2% inflation target, which could lead to a rate hike in December. This move, along with an increased pace of ETF sales, suggests the BOJ is ready to shift its ultra-loose monetary policy. This news is significant because it could influence global markets and Japan's economic outlook, indicating a potential end to prolonged low-interest rates.