The yen briefly rose to the ¥154 range in the foreign exchange market on the 7th, reaching its strongest level in six months. The move is believed to have been driven by expectations of an accelerated pace of interest rate hikes by the Bank of Japan and speculation over measures by Japanese and U.S. authorities to curb yen depreciation.
The yen briefly rose to the ¥154 range against the U.S. dollar in the foreign exchange market on the 7th, reaching its strongest level against the dollar in about six months, since late February. Yen buying was supported by expectations of an accelerated pace of interest rate hikes by the Bank of Japan and the view that Japanese and U.S. authorities would take measures to curb yen depreciation.
Bloomberg reported that its coverage on the evening of the 7th of prospects for an interim agreement on the Strait of Hormuz had drawn market attention as a factor related to safe-haven dollar buying amid heightened tensions in the Middle East.