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Bank of Japan keeps policy rate at 1.0 percent; yen rebounds 3.5 percent intraday

The Bank of Japan kept its policy rate at 1.0 percent. The yen rose as much as 3.5 percent intraday against the dollar amid speculation about large-scale foreign exchange market intervention. Cointelegraph reported on July 31 local time that the BOJ decided to maintain the unsecured overnight call rate at around 1.0 percent. Eight of nine policy board members backed holding rates, while Hajime Takata proposed a 0.25 percentage point increase.