USD/JPY Soars Above 159.50 as Tokyo CPI Figures Fail to Boost Yen

The Japanese Yen continued its downward trend against the US Dollar for the fifth consecutive day on Friday. Despite Tokyo's Consumer Price Index (CPI) figures showing a 1.9% year-over-year increase in August, beating market expectations of a steady 1.7% rate, the JPY failed to gain momentum.

The USD/JPY pair reached fresh weekly highs above 159.50, inching closer to the key 160.00 level as investors await cues from the Federal Reserve's Jackson Hole meeting later in the day.

BoJ Deputy Governor Ryozo Himino had warned about mounting inflationary pressures earlier this month, calling for timely interest rate hikes to avoid abrupt increases if consumer prices continue to rise.