The yen weakened in the New York market, with USD/JPY temporarily falling to the lower ¥160s and reaching a one-month low. The move appears to have been driven by expectations of a US rate hike.
The yen weakened against the US dollar in the New York market, with USD/JPY temporarily falling to the lower ¥160s and reaching a one-month low. Dollar buying was observed in the foreign exchange market, driving further yen weakness.
The move has been attributed in part to strengthening expectations for a US rate hike. Market participants are watching the outlook for interest rates and upcoming economic data.