Yen Soars to Strongest Since March as BOJ Renews Rally.

The Japanese yen has strengthened to its highest level against the US dollar since March after the Bank of Japan (BOJ) raised interest rates and announced plans to reduce bond purchases. The yen has been rallying in recent weeks due to the unwinding of carry trades, where low-yielding currencies like the yen are used to fund purchases in higher-yielding currencies. The BOJ's decision to raise rates and cut bond purchases is seen as a major shift in policy and has led to a further rally in the yen. [Extracted from the article]