Yen gains most in 5 years on BOJ surprise

London

THE yen on Thursday racked up its biggest daily gains since the 2011 earthquake that spurred a nuclear crisis, surging 3 per cent against the euro and dollar after the Bank of Japan opted out of further moves to ease monetary policy.

Adding to the mix was the lack of a strong sign from the US Federal Reserve on the chances of another rise in its rates in June, weakening the dollar just over half a per cent against a basket of currencies and 0.2 per cent against the euro.