The yen was last roughly 0.3% higher at 140.77 per dollar, nursing some of its heavy loss from Friday after the BOJ maintained ultra-low rates.
That sent the yen into a tailspin as traders tried to determine theof the move. The dollar eventually ended the session with a 1.2% gain against the Japanese currency, though that was after it had slid 1% to a session-low of 138.05 yen.
"The BOJ threw a curve ball into the market on Friday with its cosmetic change to YCC — in essence, it was a brilliant move by the central bank, and they've managed to bridge the volatility that would come with a straight change to a -/+ 1% range in the YCC band," said Chris Weston, head of research at Pepperstone.
"They've given themselves all the flexibility should they wish to tighten policy in the future without tidal waves in global bond markets."It was headed for a monthly decline of roughly 1.2%, extending its loss to a second month.in more than two years in June, with underlying price pressure receding, easing pressure on the Federal Open Market Committee, or FOMC, to continue raising rates.
"All of the data continues to support a 'Goldilocks' scenario in the U.S. economy," said currency strategist Carol Kong at Commonwealth Bank of Australia, or CBA. "In the near term, the dollar might be heavy, weighed down by the market's view that the FOMC is done with its tightening cycle."
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