The yen fell against the dollar in the New York market on 28 August, briefly reaching ¥160.20 to the dollar. Downward pressure on the yen strengthened against the backdrop of rising expectations for a US rate hike.
The yen fell against the dollar in the New York foreign exchange market, briefly moving into the ¥160 range per dollar for the first time. Expectations of an early US rate hike strengthened, further increasing pressure for a weaker yen and stronger dollar.
The yen also reached the ¥160 range for the first time since the Japan-US coordinated yen-buying intervention on 31 July. Market participants largely expected expectations of a US rate hike to persist, and some suggested that the yen could remain volatile.