Yen hits February high as markets price earlier BOJ hike
The Japanese yen just reached its strongest point against the US dollar since February, surging more than 2% last week.
This jump comes as traders expect the Bank of Japan might raise interest rates sooner than expected, pushing the US dollar down by 1.14% against the Japanese currency.
With everyone rethinking their bets on these currencies, it's making waves in global markets.
Yen momentum after 155 breach
After breaking past a major level (155 per dollar), the yen is gaining even more momentum, senior currency analyst at MUFG Lee Hardman sees this as a sign it could keep rising.
The euro also slipped against the yen.
Now, all eyes are on Friday's US inflation data (the inflation release referenced in the source) and a big Bank of Japan meeting on September 18, where there's a strong chance of another rate hike.
These events could shake up currency trends even more in the coming weeks.