The yen rallied against major currencies after the Bank of Japan (BOJ) hinted at a possible adjustment to its ultra-loose monetary policy. Market analysts interpreted recent statements from BOJ officials as a signal that the central bank is preparing to move away from its negative interest rate policy, which has been in place for several years.

The speculation surrounding a policy change has driven increased demand for the yen, as investors anticipate higher interest rates. A stronger yen could have significant implications for the Japanese economy, potentially impacting exports and corporate earnings. The BOJ is expected to provide further guidance on its future policy direction in the coming months.