LONDON—The dollar was on the cusp on Thursday of its highest in two decades after the Bank of Japan doubled down on its ultra loose monetary policy, while technology stocks gained on strong earnings, led by a rally in Facebook parent Meta Platforms.
The yen dropped to a 20-year low and breached 131 per dollar, levels that had previously been highlighted as intervention territory, after the Bank of Japan vowed to buy unlimited amounts of 10-year bonds daily to defend its yield target.
