The Japanese yen’s value declined against the dollar on Friday due to Bank of Japan governor Kazuo Ueda’s premature declaration of success in raising inflation to a target level.

The dollar was up 0.39% against the yen at 150.54, following a 6.3% increase in the first two months of the year.

The changes have brought the value of the Japanese yen to levels not seen since November and not far from its lowest point since 1990.

Ueda’s remarks contradict a colleague’s proposal that the ultra-loose monetary policy should be abandoned, which strengthened the yen.

The dollar index remained mostly unchanged at 104.13, with inflation figures increasing by 0.3% on Thursday and 2.7% in January and February.

The euro was last up 0.1% at $1.0813, while the offshore yuan in China experienced a small depreciation.

Bitcoin saw its largest monthly increase since 2020 in February, and the franc remained largely unaffected.