The yen was sold and the dollar rose to the upper ¥159 range, amid growing expectations that the Federal Reserve will raise interest rates again at next month's meeting.
In the foreign exchange market on the 11th, trading to sell the yen and buy the dollar gained momentum as expectations spread that the Federal Reserve would raise interest rates again at next month's meeting. Market participants remained focused on gauging the Federal Reserve's stance and whether monetary tightening would continue.
In response to these expectations, the yen briefly fell to the upper ¥159 range against the dollar. Exchange rates remain susceptible to movements in US interest rates and the monetary policies of other major economies.
Market attention is focused on upcoming Federal Reserve statements and the release of economic indicators that will provide the basis for expectations of another rate hike. The Federal Reserve's policies and the direction of the US-Japan interest rate differential are expected to continue affecting the yen.