Yen Slides as Bank of Japan Pours Cold Water on Rate Hikes

The yen fell sharply against the dollar after the Bank of Japan said it will take longer than it previously thought to hit the inflation target, leading traders to pare bets on further interest-rate hikes.

Japan’s currency fell as much as 1.7% to 145.50 per US dollar, falling the most among peers in the Group of 10 Thursday. The move started after the central bank announced its decision to hold rates steady.