BOJ stands pat on ultra-low rate policy, yen tumbles

The Bank of Japan on Thursday underscored its resolve to persist with ultraeasy monetary policy and vowed to rein in rising long-term interest rates, judging that recent inflation, driven by surging raw material costs amid the war in Ukraine, will not last and its 2 percent target remains elusive.The yen tumbled to fresh 20-year lows below 130 and then 131 to the U.S. dollar after the no-change decision at a two-day policy meeting, raising concern about increased import costs for resource-poor Japan.The BOJ will carry out unlimited, fixed-rate government bond buying "every business day" to …READ FULL ARTICLE