The yen weakened further against leading world currencies on Thursday amid market speculation that the Bank of Japan won’t raise interest rates fast enough to curb carry trades, the main reason behind the yen’s weakness in recent months.

The BoJ board on Wednesday voted 8 to 1 to raise interest rates from 0.25 per cent to 0.5 per cent, their highest level in more than a decade, but said future rate rises would be “very gradual” and it would keep monetary policy “extremely accommodative”.