Dollar posts largest daily gain versus yen in 15 months

The dollar soared against the yen Friday after the Bank of Japan shocked investors by cutting its deposit rate into negative territory—posting its largest daily gain against the Japanese currency since Oct. 31, 2014.

That date is significant for the BOJ; it was the day the central bank announced an unexpected expansion of its massive program of asset purchases as the Japanese economy struggled with the added pressure from recent tax hikes.

The yen USDJPY, +0.08%  dropped to ¥121.34 to the dollar after the announcement—its weakest level in more than five weeks. Though it trimmed its decline to ¥121.06 to the buck late Friday in New York. The Japanese currency traded at ¥118.84 late Thursday in New York.

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