After a surprise buy on the Bank of Japan (BoJ) Japanese bond market to curb rising Japanese borrowing rates, the yen lost ground against the dollar and the euro on Monday.

The yen lost 0.97% to 157.03 yen per euro around 09:15 GMT (11:15 CET). It fell 0.84% to 142.36 yen against the dollar. The European currency rose 0.13% to 1.1031 dollars and rose 0.11% to 85.81

The Bank of Japan announced a surprise buy operation on the Japanese bond market on Monday to curb the rise of its 10-year yields, which have since Friday returned to their highest levels since 2014. According to Lee Hardman, an analyst at MUFG, the yen stung after this announcement, with the Japanese currency thus cancelling “all initial gains following the BoJ's decision (Friday) to relax” its control of bond yields