The dollar dropped to around ¥108.70 in late Tokyo trading Friday, reflecting a plunge in the 225-issue Nikkei average following the announcement of the outcome of the Bank of Japan’s policy-setting meeting.

At 5 p.m., the dollar stood at ¥108.74, down from ¥109.20 at the same time Thursday. The euro was at $1.1932, down from $1.1946, and at ¥129.77, down from ¥130.47.

After briefly climbing to around ¥109.20 in overseas trading Thursday on the back of the key 10-year U.S. Treasury bond yield’s rise close to 1.75%, the dollar fluctuated around ¥108.90 in early Tokyo trading Friday.

The U.S. currency retook the ¥109 line later in the morning thanks to buying by real demand-backed players, but then drifted in a tight band before the end of the BOJ’s two-day policymaking meeting through Friday.

In the afternoon, the greenback eased to around ¥108.80 after the Nikkei dived following the BOJ’s announcement that it will stop purchasing Nikkei-linked exchange-traded funds.

The dollar fell further to around ¥108.70 in late trading as the Treasury yield slipped below 1.7% in off-hours trading.

An official at a bank-affiliated securities firm said that the outcome of the BOJ’s policy review at the monetary policy meeting was “largely fell in line with expectations.”

Market sources said that investors reacted little to BOJ Gov. Haruhiko Kuroda’s news conference held after the meeting. A currency broker said that his remarks were “noncommittal.”

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