The yen spiked to a seven-month high against the U.S. dollar on rising expectations that the Bank of Japan might move away from its ultra-easy monetary policy. | Reuters
The yen strengthened 0.69 percent versus the greenback at 129.83 per dollar on Tuesday, having touched 129.51 earlier in the session – a level last seen in June.
The U.S. central bank raised interest rates by 50 basis points last month after delivering four consecutive 75-basis point hikes in the year, but has said it may need to keep interest rates higher for longer to tame inflation. The dollar is likely to consolidate as “market activity gradually picks up this week,” said Christopher Wong, currency strategist at OCBC Bank in Singapore.
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