In the Tokyo foreign-exchange market on the 13th, yen selling advanced against a backdrop of expectations that the US would accelerate its pace of rate hikes, with the dollar trading at levels approaching ¥160.
Attention was focused on foreign-exchange trading in the Tokyo market on the 13th, rather than the Bank of Japan, and the yen weakened against the dollar as expectations grew that the US would accelerate its pace of rate hikes. The yen weakened to levels approaching ¥160 per dollar in the morning.
Investors were reported to be increasingly selling yen and buying dollars against a backdrop of expectations for a faster pace of US rate hikes. Trading took place mainly in the morning.