TOKYO -- The yen weakened against the U.S. dollar on Tuesday morning during New York trading hours to 151 after the Bank of Japan announced that it will tweak its yield curve control (YCC) framework, setting 1.0% as a new reference point for 10-year Japanese government bond yields.
The BOJ's policy decision was viewed by market participants as a change to its long-standing ultraloose monetary policy. Yet, it did not trigger yen buying on the day. The Japanese currency fell more than 0.80 yen to over 150.10 against the greenback after the announcement.
