The yen in the Tokyo market briefly rose to the lower ¥156 range amid expectations that the Bank of Japan would accelerate the pace of rate hikes. As of 5 p.m., the yen had strengthened and the dollar weakened to around ¥157.
In the Tokyo foreign exchange market on the 3rd, the yen rose sharply to the lower ¥156 range per U.S. dollar, reaching its highest level in a month, since 3 August. As of 5 p.m., it traded in the ¥157.03–¥157.06 range.
Market reports said Bank of Japan Policy Board member Takata Hajime (高田 創) suggested at a press conference that the pace of rate hikes could enter a new phase and become a new regime in 2026, strengthening expectations of faster rate hikes. This prompted broader yen-buying and dollar-selling.