Bank of Japan’s policy adjustment hasn’t stopped the yen’s slide

TOKYO — A week ago, global markets braced for a higher yen as the Bank of Japan loosened its grip on long-term interest rates. Instead, the currency fell to its lowest point in nearly a month.

The surprise result reflected factors outside the BOJ’s control. Even as the Japanese central bank took a less dovish stance, longer-term U.S. Treasury rates rose, adding to the appeal of the dollar.