The yen rose sharply against the dollar, briefly reaching the ¥153 range and hitting a 7-month high. Reports say market expectations are growing that the Bank of Japan will accelerate its rate hikes.
The yen moved rapidly higher, briefly rising to the ¥153 range against the dollar. It reached a 7-month high, intensifying short-term market caution.
The move is believed to be linked to growing expectations that the Bank of Japan will accelerate its rate hikes, and a growing view holds that market participants want to assess the direction of monetary policy going forward.