Japanese Yen Rises to Seven Month High
The Japanese yen climbed to a near seven-month high on Tuesday driven by growing expectations of a Bank of Japan rate hike next week. Traders adjusted positions as the dollar faced pressure ahead of key upcoming US inflation data.
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The Japanese Yen surged 4% to a seven-month high against the United States dollar during Tuesday morning trade, hitting 152.89 before pulling back to 154. The rally reflects growing bets on a Bank of Japan rate hike and a broad unwinding of bearish short positions. The currency has climbed sharply from 160 per dollar early last week.
