The yen weakened in the foreign exchange market, falling to the ¥159-per-dollar range for the first time in 3 weeks. Expectations of an early interest-rate hike by the United States are growing against a backdrop of improved U.S. economic data and higher oil prices.
The yen weakened in the foreign exchange market, with the dollar falling to the ¥159 range for the first time in approximately 3 weeks. The market saw instances in which this level was reached.
Economic data released in the United States was better than market expectations, while surging crude oil futures prices have heightened concerns about inflation. Against this backdrop, expectations are growing that the United States will raise interest rates sooner than expected.
The move is expected to affect the foreign exchange and interest-rate markets, and attention is focused on upcoming economic data and developments in interest rates.