Yen slides 1.9% from 2-week high after BOJ sticks to stimulus

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Japanese yen and U.S. dollar banknotes are seen in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration

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TOKYO, June 17 (Reuters) – The yen retreated sharply from its highest point in nearly two weeks on Friday, after the Bank of Japan kept its ultra-easy policy unchanged, defying pressure from aggressive tightening at peers including the Federal Reserve and Swiss National Bank.

The dollar, meanwhile, clawed its way back from a one-week low against major peers, following a two-day slide after the Federal Reserve’s mid-week rate increase that, although the biggest since 1995, didn’t exceed market expectations.

The dollar index , which measures the currency against six peers including the yen, rose 0.23% to 104.12, after slipping to the lowest since June 10 at 103.41 overnight. It was at a two-decade high of 105.79 prior to the Fed decision.

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