The Yen exchange rate was little changed at around 157.815 per dollar in trading on October 30, 2026, ahead of the Bank of Japan’s interest-rate decision. The dollar index was slightly weaker as US Treasury yields fell.

Key Takeaways

  • The yen was on track for a 0.2% decline against the dollar in October.
  • Markets expected the Bank of Japan to hold rates at 1.25%, while pricing in roughly an 80% chance of a December increase.

Yen exchange rate awaits BOJ decision

The yen weakened slightly on the day before the decision. Economists broadly expected the central bank to leave rates unchanged at 1.25%, even as inflation pressures remained elevated. Expectations for a December increase were market pricing, not a commitment by the bank.

The Bank of Japan’s release schedule listed a monetary policy statement and its October economic outlook for October 30, with release times undecided.

Dollar softens as Treasury yields fall

The dollar index, which measures the currency against a basket of peers, was slightly lower at 101.77. It was nevertheless on course for a 0.3% October gain, its second consecutive monthly increase.

The benchmark US 10-year Treasury yield was last at 4.8958%, while the 30-year yield fell to 5.2623%; both were at their lowest in more than a month. Treasury prices generally rise when yields fall.

The moves came amid selling in artificial intelligence-related shares following Alphabet’s results earlier in the week. OCBC FX strategist Sim Moh Siong noted that US-focused AI concerns had coincided with lower Treasury yields and a softer or broadly subdued dollar; the timing alone does not establish a definitive cause.

Other currencies before month-end

The euro was flat at $1.1185 and headed for a 1.2% monthly decline. Sterling rose 0.1% to $1.3390 and was up 1% for October.

The Australian dollar was little changed at $0.7030, up 1.2% for the month. The New Zealand dollar edged lower to $0.5626 and was flat for October.

Next milestone

The next confirmed milestone is the Bank of Japan’s October 30 policy statement.

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