In comparison, the non-hedged iShares MSCI Japan ETF (NYSEArca: EWJ) gained 1.8%. The BOJ reaffirmed its commitment to maintaining low interest rates despite rising inflationary pressures, contributing to the yen depreciating to more than 130 against the U.S. dollar for the first time since April 2002, the Wall Street Journal reports. “While central banks in the U.S. and Europe are moving toward monetary tightening or rate increases, the Japanese economy is still on the road to recovery from the impact of the Covid-19 pandemic,” BOJ Gov.