The yen is declining after the decision of the Bank of Japan to maintain the current parameters of monetary policy. The short-term interest rate on deposits of commercial banks remains at minus 0.1% per annum, and the target yield of ten-year government bonds is approaching zero.

The central bank has maintained ultra-low interest rates and forecasts a slowdown in inflation at the end of 2023. It is worth noting that this decision of the Japanese regulator contradicts the tougher policy of other leading central banks. 

As a result, the Japanese yen weakened against the dollar by 0.61% and reached a 15-year low against the euro. The current quote of the USD/JPY pair is 141.24, the EUR/JPY pair is trading near 154.66. 

In the future, at the meeting in July, the regulator's attention will be focused on possible adjustments to the yield curve control and revision of the inflation forecast. Today, the Central Bank has maintained the range of fluctuations in the yield of ten-year government bonds in the range of plus or minus 0.5%.