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NEW YORK: The yen plunged to a 15-year low against the euro on Friday after the Bank of Japan (BOJ) kept its ultra-low interest rate policy and forecast that inflation will slow later this year, in contrast with the European Central Bank’s (ECB) rate hike on Thursday.

The Japanese unit also fell against the greenback, dropping to a six-month trough.

As widely expected, the BOJ maintained its -0.1% short-term rate target and a 0% cap on the 10-year bond yield set under its yield curve control (YCC) policy.

BOJ Governor Kazuo Ueda said he expects inflation to moderate, but the “pace of decline is somewhat slow.”

The yen fell broadly following the decision and hit a fresh 15-year low of 155.22 per euro. It was poised for its biggest weekly decline against the euro in three years. The euro was last up 1.1 at 155.16 yen.

The dollar rose 1.1% against the Japanese currency to 141.795, after earlier touching its highest since November. It was on pace for its largest daily percentage gain since late April.

“The Bank of Japan added fuel to that dollar fire today by being on hold again,” said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull in Toronto.

Elsewhere, the euro was poised for its best week against the dollar since June after the ECB raised borrowing costs to a 22-year high and hinted at further tightening.

That and some soft US data saw the dollar fall as traders scaled back bets on how high US rates would need to rise.

The euro was flat against the greenback at $1.0940 after earlier touching a five-week high, having surged over 1% on Thursday following the rate hike and forward ECB guidance.

ECB President Christine Lagarde told a news conference another rate hike in July was highly likely and the central bank still has “ground to cover” to stave off high inflation.

Sterling rose 0.4% to $1.2831 after earlier rising to its highest since April 2022, as traders ramped up bets the Bank of England will raise rates for the 13th straight meeting next week.

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