Forex
Yen Poised for Strongest Week in Over a Month Amid Rate Hike Bets
The Japanese yen strengthened against the US dollar on Friday but remains on track for its strongest week in over a month. This comes as traders bet on a Bank of Japan interest rate hike when it meets on September 17 to 18.
With the yen reaching as high as 155.25 per dollar, just off its July intervention high of 155.20, it retreated to a low of 156.45, down 0.4 percent. Despite this, the yen is heading for a 2.2 percent rise this week.
Japan's top currency diplomat Atsushi Mimura said he remains alert to exchange-rate moves and is in constant contact with US authorities, keeping markets on edge for another intervention.