The Bank of Japan’s most anticipated policy announcement in years left investors underwhelmed, sparking a surge in the yen and sending government bonds and emerging-market stocks lower. Japan’s currency rallied against all of its 31 major peers after the BOJ kept its government-bond buying target and policy interest rate unchanged, opting instead to increase exchange-traded fund purchases.
Caption
President Donald Trump speaks during a meeting with business leaders at the US Ambassador’s Residence on October 28, 2025, in Tokyo, Japan. (Getty Images)