Yen is holding on to big gains after a sudden change in the Bank of Japan’s policy

The yen stabilized on Wednesday after jumping nearly 4 percent in the previous session when the Bank of Japan unexpectedly revised one of its key policies, giving government bond yields an opportunity to rise.

The Bank of Japan revised its yield curve control policy on Tuesday while leaving its broader policies unchanged.

The yen rose less than 0.1 percent in its last transaction on Wednesday, to reach 131.55 yen per dollar, not far from its highest level in four months of 130.58 yen per dollar, which it recorded on Tuesday, when it jumped 3.8 percent, in its largest daily increase since 1998.

The euro rose 0.11 percent against the dollar to $1.063, while the British pound fell 0.25 percent to $1.216.

The Australian dollar lost 0.1%, recording $0.667, while the New Zealand dollar fell 0.89%, to $0.629.

The dollar index, which measures the greenback’s performance against a basket of major currencies, fell less than 0.1% on Wednesday to 103.89, but is still up nearly eight percent this year.