The yen briefly strengthened to the ¥153-per-dollar range, reaching its strongest level in about six months. Yen buying and dollar selling prevailed amid market focus on a narrowing Japan-US interest rate differential.
The yen in the foreign exchange market briefly reached the ¥153-per-dollar range, its strongest level in about six months. Market participants said the yen strengthened against a backdrop of expectations that the Bank of Japan would accelerate the pace of its rate hikes.
Trading focused increasingly on a narrowing Japan-US interest rate differential, with yen buying and dollar selling becoming more dominant.