Forex
BoJ Rate Hike Bets Boost Japanese Yen
The Japanese yen has strengthened against other major currencies in the European session on Monday. Traders expect that the Bank of Japan (BoJ) will raise its interest rate by a quarter point at its September 18 meeting.
Top currency official Atsushi Mimura and Finance Minister Satsuki Katayama have expressed their desire to bring the yen back to levels that reflect economic realities. This has led traders to bet on a BoJ rate hike, causing the yen to appreciate against other major currencies.