The yen surged in the New York foreign exchange market, briefly rising to the low ¥155 range. The dollar's decline deepened amid stronger expectations for a Bank of Japan rate hike and remarks by Federal Reserve Governor Waller.
The yen soared against the dollar in the New York foreign exchange market, as expectations grew that prospects for a Bank of Japan rate hike would strengthen. The market is increasing its yen-buying activity.
The dollar/yen pair briefly moved toward dollar weakness, with the dollar-yen rate pushed back to around ¥155. The focus was on the factors driving yen appreciation and the extent of the move.
Federal Reserve Governor Waller's reference to persistent inflationary pressures in upcoming economic data is believed to have acted in the market as a factor prompting dollar selling.