Yen weakens after intervention-led surge ahead of BOJ policy decision

HONG KONG, July 31 : The Japanese yen came under renewed pressure on Friday after soaring in the previous session as Tokyo intervened in the currency markets before the Bank of Japan's policy decision.The dollar gained by as much as 0.45 per cent to 160.175 in early trades, after diving 2.4 per cent in its biggest single-day drop since January 2023 in the previous session.Japan conducted yen-buying, dollar-selling market intervention in New York session overnight, a market source told Reuters, pulling the sagging currency from four-decade lows.The BOJ is widely expected to keep short-term interest rates steady at 1 per cent, having just hiked in June, while delivering a hawkish signal as price pressures mount. That follows U.S. Federal Reserve's decision to leave interest rates unchanged,