The Bank of Japan’s most anticipated policy announcement in years left investors underwhelmed, sparking a surge in the yen and sending government bonds and emerging-market stocks lower. Japan’s currency rallied against all of its 31 major peers after the BOJ kept its government-bond buying target and policy interest rate unchanged, opting instead to increase exchange-traded fund purchases.
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Bucket-wheel excavators mine rare earth materials on Ukrainian soil on February 25, 2025, in the Zhytomyr region of Ukraine. (Kostiantyn Liberov via Getty Images)