Yen Continues Downward Trend as Fed Meeting Looms

The Japanese yen fell against a basket of major and minor currencies in Asian trading on Tuesday, extending its losses against the US dollar for a second consecutive day.

The US dollar rose 0.35% against the yen to ¥154.89, from an opening price of ¥154.34, while recording a low of ¥154.21.

The move in the US bond market comes as global oil prices trade near their highest levels in four months, adding to inflationary pressures facing Federal Reserve policymakers.

Markets are pricing in a 92% probability that the Federal Reserve will raise US interest rates by 25 basis points to counter mounting inflationary pressures in the United States.